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2018 (3) TMI 589

be tax. It does not deal with the benefit of exemption under Section 10(38) - Held that:- The question as raised herein proceeds on the basis that even if sale of investments is liable to be taxed, yet to the extent it relates to long term capital gain falling under Section 10(38) of the Act, the exemption would be available. The question arising for our consideration in this appeal is different from the question on which the appeal of the GIC in ITX No. 201 of 2011 (2013 (2) TMI 852 - BOMBAY HIGH COURT) was admitted. - We find that this Court in General Insurance Corporation (2011 (12) TMI 70 - BOMBAY HIGH COURT) had also relied upon the communication dated 21st February, 2006 of the CBDT to the Chairman of the Insurance Regulatory and .....

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vestments being long term capital gains. The proceedings before the Tribunal leading to the impugned order dated 27th October, 2014 emanated from the reopening notice dated 17th March 2011, seeking to reopen the assessment completed under Section 143(3) of the Act on 31st December, 2017. 4 The impugned order of the Tribunal dismissed the Revenue's appeal by following the decision of this Court in General Insurance Corporation v/s. DCIT 342 ITR 27. In the above case, this Court held on an identical facts that General Insurance Corporation (supra) is entitled to the benefit of exemption under Section 10(38) of the Act. 5 The grievance of the Revenue before us is that: (a) the impugned order of the Tribunal has ignored the decision of its .....

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admitted the following question on 25th February, 2013 as substantial question of law as under: "Whether on the facts and in the circumstance of the case and in law the Tribunal was justified in holding that profit on sale of investments are not liable to be taxed in the hands of the assessee in the year under appeal? Therefore, he submits that the question as formulated be admitted. 8. The issue raised in the above question in GIC [ITX No.201 of 2011 (supra)] is not with regard to the exemption claimed under Section 10(38) of the Act as in the present proceedings. The question on which the above appeal has been admitted, is whether profits on sale of investments are liable to be (included) taxed in the hands of the assessee i.e. profi .....

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