The Appellate Tribunal held that the assessee is entitled to ...

Insurance company wins case for tax exemptions on dividends & surplus. Tax rate set at 12.5% instead of 30%. Claim for deduction u/s 80(JJAA) to be reconsidered.

Case Laws Income Tax

June 12, 2024

The Appellate Tribunal held that the assessee is entitled to exemption u/s 10(34) & 10(23AAB) in computing income of insurance business u/s 44, based on precedent and CIT (A) decision. Tax rate of 12.5% u/s 115B applies to assessee's income from Life Insurance Business. Addition u/s 80(JJAA) was not adjudicated by AO, but CIT (A) directed AO to consider it. The AO must verify and decide on the deduction claim u/s 80(JJAA) as per law after giving opportunity to assessee.

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The Appellate Tribunal held that the assessee is entitled to ...

Insurance company wins case for tax exemptions on dividends & surplus. Tax rate set at 12.5% instead of 30%. Claim for deduction u/s 80(JJAA) to be reconsidered.

Case Laws Income Tax

June 12, 2024

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