https://www.taxtmi.com/caselaws?id=340551 The court ruled in favor of the assessee, a general insurance company, regarding the exemption of profits from the sale/redemption of investments for the assessment year 2005-06. The court held that the Revenue's argument contradicted their consistent practice in earlier years and that circulars and legislative intent supported the assessee's claim for exemption. The court found that the Assessing Officer lacked the authority to add back the profit to the total income. The Revenue's appeal was dismissed as no substantial question of law was identified, affirming the decision in favor of the assessee. en-us Fri, 10 Feb 2017 00:00:00 +0530 Sat, 13 May 2017 11:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340551 The court ruled in favor of the assessee, a general insurance company, regarding the exemption of profits from the sale/redemption of investments for the assessment year 2005-06. The court held that the Revenue's argument contradicted their consistent practice in earlier years and that circulars and legislative intent supported the assessee's claim for exemption. The court found that the Assessing Officer lacked the authority to add back the profit to the total income. The Revenue's appeal was dismissed as no substantial question of law was identified, affirming the decision in favor of the assessee. Case-Laws Income Tax Fri, 10 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340551