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TMI Blog2018 (3) TMI 589X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal of the GIC in ITX No. 201 of 2011 (2013 (2) TMI 852 - BOMBAY HIGH COURT) was admitted. We find that this Court in General Insurance Corporation (2011 (12) TMI 70 - BOMBAY HIGH COURT) had also relied upon the communication dated 21st February, 2006 of the CBDT to the Chairman of the Insurance Regulatory and Developing Authority. In the above communication, it has been clarified that exemption available to any other assessee under clause 10(38) relating to long term capital, would also be available to a person carrying on non-life Insurance business. Mr. Suresh Kumar very fairly states that the CBDT communication dated 21st February, 2006 addressed by the CBDT to the Chairman, IRTA, as well as the decision of this Court in GIC (supr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court in General Insurance Corporation v/s. DCIT 342 ITR 27 . In the above case, this Court held on an identical facts that General Insurance Corporation (supra) is entitled to the benefit of exemption under Section 10(38) of the Act. 5 The grievance of the Revenue before us is that: (a) the impugned order of the Tribunal has ignored the decision of its Coordinate Bench in respect of Assessment Year 2004-05 which held that diminution or appreciation of any value of assessment will not be taken into account while computing the total income of the Respondent-Assessee; (b) The impugned order ignores the binding decision of the Apex Court in GIC v/s. CIT 240 ITR 139 ; and (c) An identical question in case of GIC v/s. CIT ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the question as formulated be admitted. 8. The issue raised in the above question in GIC [ITX No.201 of 2011 (supra)] is not with regard to the exemption claimed under Section 10(38) of the Act as in the present proceedings. The question on which the above appeal has been admitted, is whether profits on sale of investments are liable to be (included) taxed in the hands of the assessee i.e. profits on sale of investments being liable to be tax. It does not deal with the benefit of exemption under Section 10(38) of the Act. The question as raised herein proceeds on the basis that even if sale of investments is liable to be taxed, yet to the extent it relates to long term capital gain falling under Section 10(38) of the Act, the exempti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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