Life Insurance Entity Wins Tax Dispute: Separate Accounts Deemed Single Business, Income Computation Upheld Under Sections 10(34), 10(23AAB)

ITAT adjudicated a complex tax dispute involving a life insurance entity's income classification. The tribunal consistently upheld the assessee's position that shareholders' and policyholders' accounts, maintained separately for legal compliance, should be treated as part of a single insurance business. The ruling affirmed the computation of income from shareholders' account under "Profits and Gains of Business or Profession" and granted exemptions under sections 10(34), 10(23AAB), and 10(15). The revenue's appeal was dismissed, with the tribunal finding no procedural or substantive infirmities in the lower appellate authority's findings, thereby maintaining the tax treatment favorable to the assessee. .....

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