Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2019 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (7) TMI 387 - HC - Income TaxProfit on sale of investments - profits realized from investments are real and hypothetical - whether assessee is not liable to deduct the tax at source made to surveyors outside the country was not taxable in India? - HELD THAT:- Prior to 1st April, 2011, there was no provision which required the Revenue to disallow the deduction of loss on sale of investments. In the respondent/assessee's case, identical view was taken by the CIT (Appeals), Large Taxpayer Unit, Chennai, and the order was confirmed by the Tribunal. The finding in favour of the assessee was on the ground that prior to 1st April, 2011, there was no provision which required the Revenue to disallow the deduction of loss on sale of investments. We respectfully agree with the view taken by the High Court of Delhi in Oriental Insurance Co. Ltd. [2017 (9) TMI 172 - DELHI HIGH COURT] . Accordingly, the first substantial question of law is answered against the Revenue. TDS made to surveyors outside the country was not taxable in India - a Division Bench of this Court in the case of Commissioner of Income Tax vs. M/s.Royal Sundaram Alliance Insurance Company Limited [2019 (2) TMI 923 - MADRAS HIGH COURT] considered these three substantial questions of law and the substantial questions of law were decided against the Revenue. MAT computation - whether the Tribunal is correct in holding that the provisions of Section 115JB which enables the companies to compute book profit may not be applicable to insurance companies, this Court had an occasion to consider the same question in the case of The Commissioner of Income Tax vs. M/s.Cholamandalam MS General Insurance Company Limited [2019 (2) TMI 1075 - MADRAS HIGH COURT] and the same was rejected and held against the Revenue.
|