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Commissioner of Income Tax-6 Versus ICICI Prudential Insurance Co. Ltd.

2015 (7) TMI 956 - BOMBAY HIGH COURT

Appeal admitted on following questions:-

Whether on the facts and in the circumstances of the case and in law, the Tribunal is correct in interpreting that on account of "legislation by incorporation", 'only' the "unamended" Insurance Act 1938 and the Regulations thereunder became part of Section 44 r.w. Rule 2 of the First Schedule of the I.T. Rules?

2) Whether on the facts and in the circumstances of the case and in law, the Tribunal is correct in interpreting Section 44 .....

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h in Policy Holders Account and Share Holder's Account is to be consolidated and only "net surplus" is to be taxed as income from Insurance Business?

4) Whether on the facts and in the circumstances of the case and in law, the Tribunal is correct 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 I.T. Act and has also itself made some disallowance u/s 14A of the Act in the return? .....

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ets so written off are also accordingly required to be considered as part of the surplus and taxable under Section 44 of the I.T. Act? - Income Tax Appeal No. 711 of 2013, Income Tax Appeal No. 688 of 2013 - Dated:- 15-7-2015 - M. S. Sanklecha And N. M. Jamdar,JJ. For the Appellant : Mr Suresh Kumar, Adv. For the Respondent : Mr Soli Dastur, Sr Adv. a/w Ms A Vissanji, Adv. i/b M/s S P Mehta ORDER P.C These appeals by the revenue under Section 260A of the Income Tax Act, 1961 (the 'Act') .....

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that on account of "legislation by incorporation", 'only' the "unamended" Insurance Act 1938 and the Regulations thereunder became part of Section 44 r.w. Rule 2 of the First Schedule of the I.T. Rules? 2) Whether on the facts and in the circumstances of the case and in law, the Tribunal is correct in interpreting Section 44 r.w. Rule 2 of the First Schedule that the Legislature consciously omitted incorporation of the provision of Insurance Regulatory and Developmen .....

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e from Insurance Business? 4) Whether on the facts and in the circumstances of the case and in law, the Tribunal is correct 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 I.T. Act and has also itself made some disallowance u/s 14A of the Act in the return? 5) Whether on the facts and in the circumstances of the case and in law, the Tribunal is correct in allowing the dividend income of ass .....

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de to arrive at "taxable surplus"? 7) Whether on the facts and in the circumstances of the case and in law, the Tribunal is correct in deleting the addition made on account of claim of 100% depreciation ignoring the facts that Actuarial surplus is determined on the basis of the total assets of the company and therefore by not capitalizing the above assets, the assets of the assessee company are understated in the books and thereby it has an impact of reducing the surplus or increase in .....

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Holders Account was only part of income from insurance business arrived at after "combining" surplus available in Share Holders Account with the surplus available in Policy Holders Account and then and taxing this 'net surplus' arrived at, at the rate specified u/s. 115B of the Act?" 3. It is agreed between the parties that so far as Question No.5 is concerned, an appeal by the revenue in respect of Assessment Year 2005-06 being Income Tax Appeal No. 710/2013 raising an i .....

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ion 44 of the Act. The impugned order records that the mathematical reserves is a part of the Actuarial valuation and the surplus takes into account the mathematical reserve also. Besides the impugned order follows the decision of the Apex Court in LIC Vs. CIT 51 ITR 773, wherein the Apex Court has held that the Assessing Officer has no power to modify the account after Actuarial valuation is done. It is also pertinent to note that for the Assessment Year 2007-08, the Assessing Officer had raise .....

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