TMI Blog2018 (9) TMI 469X X X X Extracts X X X X X X X X Extracts X X X X ..... id appeal by revenue for Assessment Year [AY] 2011-12 contest the order of the Ld. Commissioner of Income-Tax (Appeals)-3 [CIT(A)], Mumbai, Appeal No. CIT(A)-3/IT-112/Addl.CIT-1(3)/14-15 dated 31/01/2017 by raising the following grounds of appeal:- 1 Whether on the facts and in the circumstances of the case and in law the Ld.CIT(A) was correct in concluding that transfer from Shareholder s account to Policy Account And Shown As part of surplus in the actuarial valuation was only transfer of capital asset and not taxable u/s 44 of the Act read with Rule 2 of the First Schedule? 2. Whether on the facts and in the circumstances of the case and in law the Ld.CIT(A) was correct in allowing relief to the assessee by holding that &# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the facts and in the circumstances of the case and in law, the Ld. CIT(A) was Justified in ignoring the fact that the non obstante clause in section 44 is not extended to section 10(23AAB) of the Act 1961. 8. Whether, on the facts and in the circumstances of the case and in law, the Ld. CIT(A) was justified in holding that Section 14A is not applicable to income of insurance business computed u/s 44 of the Act when the ITAT itself has held that the provisions of Section 10 are applicable to income of insurance business computed u/s 44 of the Act. The assessment for impugned AY was framed by Ld. Assistant Commissioner of Income Tax Range-1(3) u/s 143(3) of the Income Tax Act, 1961 on 24/03/2014 wherein the income of the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s related with taxability of dividend income of ₹ 158.30 Crores as claimed exempt by the assessee u/s 10(34). The same has been denied by Ld. AO on the premise that the benefit of provisions of Section-10 was not applicable to an assessee engaged in insurance business who is governed by special computational provisions of Section 44. On the similar reasoning, the exemption of income of ₹ 80.50 Crores, earned from pension segment and claimed exempt u/s 10(23AAB) by the assessee, was denied to the assessee. 2.3 The third issue is related with addition of incremental negative reserves of ₹ 1.03 Crores as per actuarial report which has been made by following the decision in earlier years. 3. Aggrieved, the assessee conte ..... X X X X Extracts X X X X X X X X Extracts X X X X
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