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2015 (7) TMI 972 - Bombay High Court

2015 (7) TMI 972 - Bombay High Court - TMI - Appeal admitted on following questions:- - Whether on the facts and in the circumstances of the case and in law, the Tribunal correct in interpreting that on account of “legisltion 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 correct .....

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surplus” available both 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 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 I.T. Act and has also itself made some disallowance u/s 14A of the .....

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e urges the following substantial questions of law for our consideration: 1) Whether on the facts and in the circumstances of the case and in law, the Tribunal correct in interpreting that on account of legisltion 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 correct in interpreting .....

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