https://www.taxtmi.com/caselaws?id=262159 The Tribunal dismissed the Revenue's appeal regarding the taxability of profit on the sale of investment for the assessment year 2007-08, holding that profit on the sale of investment for general insurance companies cannot be taxed under section 44 of the Income Tax Act post the deletion of rule 5(b). Additionally, the Tribunal upheld the CIT(A)'s decision to accept the claim of the assessee regarding the deduction disallowed on account of amortization of debt securities. The Tribunal also allowed the assessee's appeal for statistical purposes on the admission of additional grounds for claiming deduction for pre-operative expenses and directed the carrying forward of unabsorbed depreciation and business loss. en-us Tue, 13 Jan 2015 00:00:00 +0530 Tue, 04 Aug 2015 06:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262159 The Tribunal dismissed the Revenue's appeal regarding the taxability of profit on the sale of investment for the assessment year 2007-08, holding that profit on the sale of investment for general insurance companies cannot be taxed under section 44 of the Income Tax Act post the deletion of rule 5(b). Additionally, the Tribunal upheld the CIT(A)'s decision to accept the claim of the assessee regarding the deduction disallowed on account of amortization of debt securities. The Tribunal also allowed the assessee's appeal for statistical purposes on the admission of additional grounds for claiming deduction for pre-operative expenses and directed the carrying forward of unabsorbed depreciation and business loss. Case-Laws Income Tax Tue, 13 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262159