ITAT affirmed that insurance companies are eligible for ...

Insurance Companies Can Claim Section 10 Exemptions on Share Sales, Securities Interest and Dividend Income Despite Section 44

February 22, 2025

Case Laws Income Tax AT

ITAT affirmed that insurance companies are eligible for exemptions under sections 10(38), 10(15), and 10(34) for profits from sale of shares/securities, interest on securities, and dividend income respectively, despite the special computation provisions under section 44 read with First Schedule. Following precedent from prior assessment years and CBDT circular dated 21.02.2006, the Tribunal upheld CIT(A)'s order granting these exemptions to the assessee insurance company. The revenue's appeal challenging these exemptions was dismissed, establishing that general exemption provisions remain applicable to insurance companies alongside their specific computation framework.

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ITAT affirmed that insurance companies are eligible for ...

Insurance Companies Can Claim Section 10 Exemptions on Share Sales, Securities Interest and Dividend Income Despite Section 44

February 22, 2025

Case Laws Income Tax AT

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