TMI Blog2014 (7) TMI 1158X X X X Extracts X X X X X X X X Extracts X X X X ..... 44 of the Income Tax Act, 1961 and the First Schedule. Time and again, the Court had clarified that the computation of profit and gain from the insurance business is to be made separately from any other business. That is why the provisions have been made in the Income Tax Act, 1961, particularly, bearing in mind the nature of the insurance business. In these circumstances, the fact that one ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... F. V. Irani, Senior Advocate a/w Mr. A. K. Jasani ORDER P. C.: Having heard Mr. Suresh Kumar, learned counsel for the Revenue in support of this Appeal and Mr. Irani, learned Senior Counsel appearing for the Assessee, we are of the opinion that the order of the Tribunal impugned in this Appeal does not raise any other questions, save and except, the following substantial question ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... we are of the opinion that the Revenue continues to raise the same questions which it has been raising from the time of the judgment delivered by this Court in the case of Commissioner of Income Tax Tribunal v/s New India Assurance Company Ltd reported in (1969) 71 ITR page 761. This decision was followed in the case of Life Insurance Corporation of India v/s Commissioner of Income Tax Act report ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ommon to the other appeals which have been admitted,we would have while dismissing this appeal imposed heavy costs on the Revenue and which costs would have been directed to be borne individually by the officer who had decided to file this appeal. We refrain from doing so simply because Mr. Suresh Kumar brought to our notice the fact that question (c) , which is termed as substantial question of l ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
