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TMI Blog2020 (2) TMI 1232X X X X Extracts X X X X X X X X Extracts X X X X ..... as exempt u/s 10(34) of the I.T. Act, 1961, ignoring the fact that dividend income is considered as part of income of Life Insurance Business and is included as an income by the actuary? - HELD THAT:- As substantial question of law (a) and (c) are concerned they were part of the question of law urged in ICICI PRUDENTIAL LIFE INSURANCE CO. LTD. [ 2018 (7) TMI 2092 - BOMBAY HIGH COURT] and have n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has claimed exempted income u/s 10 of the Act? - INCOME TAX APPEAL NO. 1726 OF 2017 - - - Dated:- 15-1-2020 - NITIN JAMDAR AND M.S. KARNIK, JJ. Mr. Sham V. Walve for Appellant. Mr. Niraj Sheth I/b. Mr. Atul K. Jasani for Respondent. ORDER P.C.:- Heard learned counsel for the parties. 2. The Appeal pertains to the Assessment Year 2010-11. 3. The Appellant-Reven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ive reserve has an impact of reducing the taxable surplus as per Form I and therefore corresponding adjustment for negative reserve need to be made to arrive at taxable surplus ? d) Whether on the facts and in circumstances of the case and in law, the Tribunal was justified in deleting the addition made by the Assessing Officer on account of loss from pension business ignoring the fact t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Insurance Corporation of India Ltd. (supra). Hence, this question of law does not arise for consideration. 7. The Appeal is admitted on the following substantial question of law :- Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in holding that provisions of section 14A of the Act did not apply to insurance business, even when the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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