2018 (7) TMI 2092

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..... acts and in 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 uls 14A of the Act in the return?" (ii) Whether on the facts and in circumstances of the case and in Law, the Tribunal erred in allowing the dividend income of assessee as exempt u/s.10(34) of the I. T. Act, 1961, ignoring the fact that dividend income is considered as part of income of Life lnsurance Business and is included as an 'income' by the actuary? (iii) Whether on the facts and in circumstances of the case and in Law, the Tribunal was jus .....

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..... e which 'refers' only to unamended Insurance Act 1938 and Regulations made thereunder? (vii) Whether on the facts and in circumstances of the case and in Law, the Tribunal was justified in failing to appreciate the provisions of Section 28 of Insurance Regulatory and Development Authority Act 1999 which clarifies that provisions of IRDA Act are in addition and not in derogation of Insurance Act 1938, thereby implying adoption of IRDA Act and its regulation "legislation by reference" in Section 44 of the I. T. Act r. w. Rule 2 of the First Schedule? (viii) Whether on the facts and in circumstances of the case and in Law, the Tribunal was justified in allowing the relief to the assessee by holding that"surplus" available both in .....

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..... ed 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 rates specified u/s.115B of the I.T. Act, 1961 ? (xii) Whether on the facts and in circumstances of the case and in Law, the Tribunal was justified in ignoring the fact that even the assessee insurance company uses the nomenclature expenses "other than those directly related to insurance business" while computing the surplus in the Share Holders Account and treating it as part of Insurance Business?" 3. We have today passed a separate order in Income Tax Appeal Nos.1305 of 2015 and 1306 of 2015 filed by the Revenue from the order dated 14th January, 20 .....

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