2020 (5) TMI 755 - SCH - Income Tax

Assessment of Insurance business - Profit on sale of investment - Profits realized from investments are real and hypothetical - as per HC 2019 (7) TMI 387 - MADRAS HIGH COURT Prior to 1st April 2011 there was no provision which required the Revenue to disallow the deduction of loss on sale of investments. In the respondent/assessee s case identical view was taken by the CIT (Appeals) Large Taxpayer Unit Chennai and the order was confirmed by the Tribunal. The finding in favour of the assessee was on the ground that prior to 1st April 2011 there was no provision which required the Revenue to disallow the deduction of loss on sale of investments. HELD THAT - Delay condoned. Leave granted. Tag the matter along with Civil Appeal .

Summary

The Supreme Court of India, in an order by Justices Nariman, Sinha, and Gavai, granted leave and condoned delay in the petition. The Court directed that the matter be tagged along with Civil Appeal No. 7681 of 2019. No substantive legal reasoning or detailed holding was provided in this brief order.