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TMI Blog2018 (7) TMI 2092X X X X Extracts X X X X X X X X Extracts X X X X ..... tial questions of law at question nos. (i), (v), (vi) (viii) and (x). - INCOME TAX APPEAL NO. 1248 OF 2015 - - - Dated:- 3-7-2018 - M.S. SANKLECHA AND SANDEEP K. SHINDE, J.J. For the Appellant : Mr. Suresh Kumar For the Respondent : Ms. Vissanji a/w Mr. S.J. Mehta ORDER P.C. 1. This appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges the order dated 26th December, 2014 passed by the Income Tax Appellate Tribunal (Tribunal). The impugned order of the Tribunal relates to Assessment Year 2009-10. 2. The Revenue has urged the following questions of law for our consideration : (i) Whether on the facts and in circumstances of the case and in Law, the Tribunal was justified in holding tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the facts and in circumstances of the case and in Law, the Tribunal was justified in interpreting that on account legislation by incorporation , 'only' the unamended Insurance Act 1938 and the Regulations thereunder became part of Section 44 r.w Rule 2 of the First Schedule of the I.T. Rules? (vi) Whether on the facts and in circumstances of the case and in Law, the Tribunal was justified 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 in Rule 2 of the First Schedule which 'refers' only to unamended Insurance Act 1938 and Regulations made the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any are understated in the books and thereby it has an impact of reducing the surplus or increase in the deficit and therefore, the assets so written off are also accordingly required to be considered as pad of the surplus and taxable under section 44 of the I.T. Act, 1961? (xi) Whether on the facts and in circumstances of the case and in Law, the Tribunal was justified in allowing relief to the assessee by holding that surplus available in Share Holders Account is not to be taxed separately as income from other sources and at the normal corporate rate and holding that surplus from Share Holders Account was only pad of income from insurance business arrived at after combining surplus available in Share Holders Account with the surp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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