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TMI Blog2015 (2) TMI 1372X X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal in the case of ICICI Prudential Insurance Company Ltd. [ 2012 (11) TMI 13 - ITAT MUMBAI ] has considered the decision of Life Insurance Corporation of India [ 1977 (11) TMI 25 - BOMBAY HIGH COURT ] and in the case of New India Assurance Company Ltd. [ 1967 (10) TMI 16 - BOMBAY HIGH COURT ] the assessee is entitled to get exemption under section 10 of Act, 1961. A similar issue was considered by the Hon ble Jurisdictional High Court in Writ Petition [ 2011 (12) TMI 70 - BOMBAY HIGH COURT ] has quashed and set aside the notice issued for reopening of the assessment when the Revenue sought to reopen the completed assessment for disallowing the claim of deduction allowed under section 10 of the Act. In the original assessment or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enue. The Ld. Counsel for the assessee supplied the copies of the order of the Tribunal. 2.2. Ld. DR could not bring any distinguishing fact or decision in favour of the Revenue. 2.3 We have carefully perused the orders of the authorities below and the decision of the Tribunal brought to our notice. In so far as Ground No.1 is concerned, an identical issue was decided by the Tribunal in assessee s own case vide ITA Nos.4286 4373/Mum/2009 for assessment year 2002-03. The Tribunal has considered the issue at para- 3 of its order and at para 5.4 the Tribunal following the earlier orders of the Tribunal in assessee s own case decided the issue in favour of the assessee and against the Revenue. Respectfully following the decision o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wance made under section 14A of the Act. The Ld. Counsel for the assessee stated that this issue has also been decided by the Tribunal in assessee s own case in ITA No.4287 4374/Mum/2009 for assessment year 2004-05. We find that similar issue was considered by the Tribunal at para 5 of page 6 of its order and at page 11 finally concluded by holding that the issue is decided in favour of the assessee. Respectfully following the order of the Co-ordinate Bench we decide this issue in favour of the assessee and against the Revenue. 6. The assessee has also challenged the levy of interest under section 234B and 234D. The levy of interest is mandatory though consequential. We accordingly, direct the AO to levy interest as per provisions o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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