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TMI Blog2015 (7) TMI 972X X X X Extracts X X X X X X X X Extracts X X X X ..... became part of Section 44 r.w. Rule 2 of the First Schedule of the I.T. Rules? 2) Whether on the facts and in the circumstances of the case and in law, the Tribunal correct in interpreting Section 44 r.w. Rule 2 of the First Schedule that the legislature consciously omitted incorporation of the provision of Insurance Regulatory and Development Authority Act 1999 and Regulations made thereunder ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - INCOME TAX APPEAL NO. 710 OF 2013, NCOME TAX APPEAL NO. 688 OF 2013 - - - Dated:- 20-7-2015 - M.S. SANKLECHA N.M. JAMDAR, JJ. For The Appellant : Mr. Suresh Kumar, Advocate For The Respondent: S.P. Mehta and Others ORDER This appeal by the revenue under Section 260A of the Income Tax Act, 1961 challenges the order dated 14 September 2012 passed by the Income Tax Appella ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egulations made thereunder in Rule 2 of the First Schedule which 'refers' only to unamended Insurance Act 1938 and Regulations made thereunder? 3) Whether on the facts and in the circumstances of the case in in law, the Tribunal is correct in allowing the relief to the assessee by holding that surplus available both in Policy Holders Account and Share Holder's Account is to be con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e circumstances of the case and in law, the Tribunal is right in holding that the income from surplus of Participating Annuities Business represents surplus from Participating Pension Business and accordingly allowing the relief to assessee? 3. So far as Question Nos. 5 and 6 are concerned, the impugned order of the Tribunal has followed the decision of this Court in GIC of India being Wri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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