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The ITAT set aside the issue of deduction under section 80G for fresh verification by the AO, directing the assessee to submit requisite details, donation receipts, and 80G certificates within one month. The claim for exemption under section 10(15)(iv)(h) was also remanded to the AO for examination of compliance with the relevant notification, despite prior rejection at the appellate stage for non-claim in the return. The tribunal upheld that profits shown in the shareholders' profit and loss account must be included as income from life insurance business, following precedent decisions. It confirmed that profits from sale of investments are integral to insurance business income and not separately taxable. The CIT(A)'s deletion of disallowances related to bonus allocated to policyholders and funds for future appropriation was affirmed. However, the addition under section 14A for expenditure relating to exempt dividend income was sustained.
The ITAT set aside the issue of deduction under section 80G for fresh verification by the AO, directing the assessee to submit requisite details, donation receipts, and 80G certificates within one month. The claim for exemption under section 10(15)(iv)(h) was also remanded to the AO for examination of compliance with the relevant notification, despite prior rejection at the appellate stage for non-claim in the return. The tribunal upheld that profits shown in the shareholders' profit and loss account must be included as income from life insurance business, following precedent decisions. It confirmed that profits from sale of investments are integral to insurance business income and not separately taxable. The CIT(A)'s deletion of disallowances related to bonus allocated to policyholders and funds for future appropriation was affirmed. However, the addition under section 14A for expenditure relating to exempt dividend income was sustained.
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