https://www.taxtmi.com/caselaws?id=218572 The Tribunal ruled in favor of the assessee, a general insurance company, in disallowing the deduction for gains on the sale of investments. It held that profits on the sale of investments were exempt from tax, effective prospectively from AY 2011-12, based on precedents and the deletion of the relevant provision. Additionally, the Tribunal found that section 115JB of the Income Tax Act, concerning Minimum Alternate Tax computation, did not apply to the insurance company as their accounts were prepared according to IRDA regulations, not as per the Companies Act. The appeal was allowed on both grounds. en-us Wed, 10 Oct 2012 00:00:00 +0530 Tue, 20 Nov 2012 16:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218572 The Tribunal ruled in favor of the assessee, a general insurance company, in disallowing the deduction for gains on the sale of investments. It held that profits on the sale of investments were exempt from tax, effective prospectively from AY 2011-12, based on precedents and the deletion of the relevant provision. Additionally, the Tribunal found that section 115JB of the Income Tax Act, concerning Minimum Alternate Tax computation, did not apply to the insurance company as their accounts were prepared according to IRDA regulations, not as per the Companies Act. The appeal was allowed on both grounds. Case-Laws Income Tax Wed, 10 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218572