TMI Blog2020 (4) TMI 543X X X X Extracts X X X X X X X X Extracts X X X X ..... udicial discipline require that the orders of the higher appellate authorities should be followed unreservedly by the subordinate authorities. The mere fact that the order of the appellate authority is not acceptable to the Department - in itself an objectionable phrase and is the subject-matter of an appeal can furnish no ground for not following it unless its operation has been suspended by a competent court. If this healthy rule is not followed, the result will only be undue harassment to assessee and chaos in administration of tax laws. Hon ble Gujarat High Court in Sayaji Iron and Engineering Co. v. CIT [ 2001 (7) TMI 70 - GUJARAT HIGH COURT] reiterated that no Tribunal of fact has any right or jurisdiction to come to a conclus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rule 2 of the First Schedule along with provisions of Insurance Act 1938, Insurance Regulatory and Development Authority Act 1999 and regulations there under and accordingly allowing adjustment from the 'surplus' worked as per actuarial valuation land as shown by the assessee in Form-7/ in violation of the ratio of the Apex Court in the case of LIC vs CIT 51 ITR 778 without appreciating the fact that these decisions are not accepted by the Department and further appeals have been filed. 2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in giving relief to the assessee following the decision of Hon'ble ITAT in the case of ICICI Prudential Life Insurance CO. Ltd. for the earlier years and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the circumstances of the case and in law, the Ld CIT(A) erred in deleting the addition made on account of claim of 1 00% depreciation ignoring the facts that Actuarial surplus is determined on the basis of the total assets of the company and therefore by not capitalizing the above assets, the assets of the assessee company are under-stated in the books and thereby it has an impact of reducing the surplus or increase in the deficit and therefore, the assets so written off are also accordingly required to be considered as part of the surplus and taxable under section 44 of the IT. Act? 3. At the outset, Learned Counsel for the assessee submitted that all the grounds of appeal of the revenue are decided by the Tribunal in assessee s own c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Page 5, Para 6 Pages 6 to 8, Paras 12 to 15 Page 58, Para 19 2. Transfer between Share Holders Account and Policy Holder's Account is tax neutral Page 6, last para of Para 3 Page 5, Para 7.1 Page 6 and 7, Para 8 Pages 6 to 8, Paras 12 to 15 Page 79, Para 36 Page 83, Para 39-40 3. Negative Reserves Page 6, last para of Para 3 Page 5, Para 7.1 --- Pages 6 to 9, Paras 12 to 14 Page 98, Para 59 4. Exemption f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctionable phrase and is the subject-matter of an appeal can furnish no ground for not following it unless its operation has been suspended by a competent court. If this healthy rule is not followed, the result will only be undue harassment to assessee and chaos in administration of tax laws . 8. Carrying this principle further, the Hon ble Gujarat High Court in Sayaji Iron and Engineering Co. v. CIT [253 ITR 749] reiterated that no Tribunal of fact has any right or jurisdiction to come to a conclusion entirely contrary to the one reached by another bench of the same Tribunal on the same facts, and if a bench of a Tribunal on identical facts is allowed to come to a conclusion directly opposed to the conclusion reached by another bench ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
