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TMI Blog2015 (7) TMI 1346X X X X Extracts X X X X X X X X Extracts X X X X ..... f Life Insurance Business. Moreover, in terms of Section 44 of the Act, such income has to be taxed in accordance with First Schedule as provided therein. None of the authorities under the Act nor even before us is it urged that the assessee is carrying on separate business other than life insurance business. Accordingly, the impugned order holding that the income from shareholders' account is also to be taxed as a part of life insurance business cannot be found fault with in view of the clear mandate of Section 44 of the Act. Accordingly Question No.8 also does not raise any substantial question of law. Thus not entertained. Appeals admitted on Question Nos. 1, 2, 3, 4 and 6. - Income Tax Appeal No. 818 Of 2013 - - - Dated:- 20-7- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 consolidated and only net surplus is to be taxed as income from Insurance Business? 4) Whether on the facts and in the circumstances of the case and in law, the Tribunal is correct in holding that provisions of Section 14A of the Act did not apply to Insurance business, even when the assessee has claimed exempted income u/s.10 of the I.T. Act and has also itself made some disallowance u/s 14A of the Act in the return? 5) Whether on the facts and in the circumstances of the case and in law, the Tribunal is correct in allowing the dividend income of assesee as exempt u/s.10(34) of the I.T. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeal by the revenue in respect of Assessment Year 2005 06 being Income Tax Appeal No. 710/2013 was not entertained by us today. Accordingly, following our decision in Income Tax Appeal No. 710/2013 and for the reasons recorded therein, Question No.5 is not entertained. 5. So far as Question No.7 is concerned, the grievance of the revenue is that income on shareholders' account has to be taxed as income from other sources. This on the ground that the income earned on shareholders' account is not an income which represents income on account of Life Insurance Business. Therefore it is the revenue's contention that it has to be taxed as income from other sources. The impugned order while allowing the assessee's appeal holds ..... X X X X Extracts X X X X X X X X Extracts X X X X
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