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2016 (6) TMI 1439 - HC - Income TaxExemption u/s 10(34) - Assessment of Income of the life Insurance Business - Dividend income of the assessee as exempt u/s 10(34) - income of the assessee engaged in the Life Insurance Business is computed under the non obstante clause of Section 44 of the Act ? - HELD THAT:- We find that in allowing the respondent – assessee's appeal the impugned order of the Tribunal followed its own decision in Life Insurance Corporation of India [2013 (6) TMI 377 - ITAT MUMBAI] for Assessment Years 2007-08 to 2009-10 on an identical issue. Mr. Chhotaray fairly states that being aggrieved by the orders of the Tribunal passed in Life Insurance Corporation of India (supra) the revenue preferred three appeals to this Court [2015 (9) TMI 1718 - BOMBAY HIGH COURT] - All three appeals raising an identical issue as herein were dismissed by this Court on 15th September, 2015. In the above view, as the issue stands settled against the revenue by a decision of this Court the question as proposed does not give rise to any substantial question of law.
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