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2019 (6) TMI 374 - HC - Income TaxTaxability of profits on sale of investments and securities - premium paid by the assessee on purchase of Govt. Securities as allowable as revenue expenditure on amortization - disallowance of expenses under Section 14A - HELD THAT:- Appeal admitted on question 1 to 5 Relief to the assessee u/s 10 - profits on sale of investment and securities - whether no such benefit is allowable to the assessee due to the non-obstante nature of Section 44? - HELD THAT:- This question similar to one considered by the Division Bench of this Court in THE NEW INDIA ASSURANCE CO. LTD., [2018 (3) TMI 589 - BOMBAY HIGH COURT] wherein as clarified that exemption available to any other assessee under clause 10(38) relating to long term capital, would also be available to a person carrying on non-life Insurance business. CBDT communication dated 21st February, 2006 addressed by the CBDT to the Chairman, IRTA, as well as the decision of this Court in GIC [ 2011 (12) TMI 70 - BOMBAY HIGH COURT] would be binding upon the Revenue. - Decided in favour of assessee. MAT provision u/s 115JB applicability - HELD THAT:- Issue covered against the Revenue by a detailed Judgment THE COMMISSIONER OF INCOME TAX-LTU, COMMISSIONER OF INCOME TAX (IT) -3 VERSUS UNION BANK OF INDIA, MASHREQ BANK PSC, BANK OF INDIA, M/S THE NEW INDIA ASSURANCE CO. LTD., CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK [2019 (5) TMI 355 - BOMBAY HIGH COURT] as held that provisions of Section 115JB of the Income Tax Act, as it stood at the relevant time, would not apply to Banking Companies or Insurance Companies. This additional question is therefore, not considered.
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