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TMI Blog2015 (8) TMI 372X X X X Extracts X X X X X X X X Extracts X X X X ..... 482 of 2015 pertains to the Assessment Year ('AY') 2007-08 and ITA No. 480 of 2015 pertains to the AY 2008-09. In both the AYs, one of the common questions sought to be urged by the Revenue is that in the impugned order dated 12th December 2014, the Income Tax Appellate Tribunal ('ITAT') has erred in deleting the additions made by the Assessing Officer ('AO') by disallowin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... strictions placed by the IRDA on offering keyman insurance policy is that "The key person should not be the sole proprietor of the company or should not own major of capital (sic)". The case of the Revenue is that since Mr. Deepak Kothari holds 44.90% of the shares of the Assessee and another 39.92% shares is also admittedly held by a close relative, the 'endowment policy' issued by Kotak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny such restriction then there should be an appropriate amendment to the law. That would make the Assessee aware of the legal requirements that have to be satisfied before the deduction can be claimed. Having allowed a similar deduction in the previous years the Revenue cannot spring a surprise on the Assessee by seeking to rely on the IRDA circular only for the AYs in question. In the facts of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ooking. The Assessee received back a sum of Rs. 2.10 crores from TPPL and offered to tax the differential sum of Rs. 50 lakhs as capital gains. 8. The AO by the order dated 24th December 2009 treated the entire sum of Rs. 2.10 crores as business income in the hands of the Assessee. He also treated the sum of Rs. 50 lakhs as capital gains. This was challenged by the Assessee before the CIT (Appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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