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TMI Blog2019 (6) TMI 374X X X X Extracts X X X X X X X X Extracts X X X X ..... vision Bench of this Court in THE NEW INDIA ASSURANCE CO. LTD., [ 2018 (3) TMI 589 - BOMBAY HIGH COURT] wherein as 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. CBDT communication dated 21st February, 2006 addressed by the CBDT to the Chairman, IRTA, as well as the decision of this Court in GIC [ 2011 (12) TMI 70 - BOMBAY HIGH COURT] would be binding upon the Revenue. - Decided in favour of assessee. MAT provision u/s 115JB applicability - HELD THAT:- Issue covered against the Revenue by a detailed Judgment THE COMMISSIONER OF INCOME TAX-LTU, COMMISSIONER OF INCOME TAX (IT) -3 VERSUS UNION BANK OF INDIA, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Govt. Securities was allowable as revenue expenditure without appreciating that such premium was capital in nature and hence not allowable under Section 37 of the Income Tax Act ? (4) Whether on the facts and in the circumstances of the case and in law, the Hon'ble Tribunal was right in deleting the disallowance of expenses under Section 14A of the Act holding that due to non-obstante provisions of Section 44 of the Act, provisions of Section 14A are not applicable in the cases of insurance Company ? (5) Whether on the facts and in the circumstances of the case and in law, the Hon'ble Tribunal was right in deleting the disallowance of expenses under Section 14A without appreciating that the assessee was claiming benefits of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the same is covered against the Revenue by a detailed Judgment dated 16th April, 2019 passed by the Division Bench of this Court in Income Tax Appeal No.1196 of 2013 and connected Appeals. It was held that provisions of Section 115JB of the Income Tax Act, as it stood at the relevant time, would not apply to Banking Companies or Insurance Companies. This additional question is therefore, not considered.
5. The Registry is directed to communicate copy of this order to the Tribunal. This would enable the Tribunal to keep papers and the proceedings relating to the present Appeal available, to be produced when sought for by the Court.
6. Mr. Jasani, the learned Counsel waives service for the Respondent. X X X X Extracts X X X X X X X X Extracts X X X X
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