https://www.taxtmi.com/caselaws?id=400846 The Tribunal upheld the CIT(A)'s decision allowing exemption u/s. 10(34) for dividend income, rejecting the revenue's argument based on Sec. 44 of the Income Tax Act, 1961. It also affirmed that Sec. 14A disallowance does not apply to insurance companies. Regarding the adjustment of negative reserves, the Tribunal agreed with the CIT(A) that the reserves were not taxable, in line with past judgments. The Tribunal dismissed the revenue's appeal, supporting the CIT(A)'s rulings on all issues. The judgment was issued on 22nd October 2020. en-us Thu, 22 Oct 2020 00:00:00 +0530 Fri, 20 Nov 2020 13:28:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400846 The Tribunal upheld the CIT(A)'s decision allowing exemption u/s. 10(34) for dividend income, rejecting the revenue's argument based on Sec. 44 of the Income Tax Act, 1961. It also affirmed that Sec. 14A disallowance does not apply to insurance companies. Regarding the adjustment of negative reserves, the Tribunal agreed with the CIT(A) that the reserves were not taxable, in line with past judgments. The Tribunal dismissed the revenue's appeal, supporting the CIT(A)'s rulings on all issues. The judgment was issued on 22nd October 2020. Case-Laws Income Tax Thu, 22 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400846