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2020 (2) TMI 1232 - HC - Income TaxDividend income of assessee as exempt u/s 10(34) - whether dividend income is considered as part of income of Life Insurance Business and is included as an ‘income’ by the actuary? - whether dividend income of assessee as exempt u/s 10(34) of the I.T. Act, 1961, ignoring the fact that dividend income is considered as part of income of Life Insurance Business and is included as an ‘income’ by the actuary? - HELD THAT:- As substantial question of law (a) and (c) are concerned they were part of the question of law urged in ICICI PRUDENTIAL LIFE INSURANCE CO. LTD. [2018 (7) TMI 2092 - BOMBAY HIGH COURT] and have not been entertained. Hence they do not arise for consideration in this Appeal. Loss from pension business - Whether income includes loss and that the income from pension fund does not form part of the total income of the assessee under section 10(23AAB) ? - HELD THAT:- As regards question of law (d) is concerned the Tribunal has followed the decision of this Court LIFE INSURANCE CORPORATION OF INDIA LTD. [2011 (8) TMI 47 - BOMBAY HIGH COURT] - Hence, this question of law does not arise for consideration. Appeal is admitted on the following substantial question of law :- “Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in holding that provisions of section 14A of the Act did not apply to insurance business, even when the assessee has claimed exempted income u/s 10 of the Act?”
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