https://www.taxtmi.com/caselaws?id=758497 The Madras HC ruled in favor of an insurance company regarding exclusion of profits from sale of investments for assessment years 1998-2011. The court held that profits from investment sales could not be taxed during this period as they were properly deleted under Section 44 computation rules. However, the position changed post-April 2011 with introduction of Rule 5(b) requiring inclusion of investment profits/losses. The court distinguished this case from Apollo Tyres Ltd., noting that case involved MAT computation while this involved regular assessment under Section 44 specific to insurance business. The court found no justification for remanding the matter given clear statutory position and precedent. en-us Fri, 09 Aug 2024 00:00:00 +0530 Fri, 13 Sep 2024 10:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758497 The Madras HC ruled in favor of an insurance company regarding exclusion of profits from sale of investments for assessment years 1998-2011. The court held that profits from investment sales could not be taxed during this period as they were properly deleted under Section 44 computation rules. However, the position changed post-April 2011 with introduction of Rule 5(b) requiring inclusion of investment profits/losses. The court distinguished this case from Apollo Tyres Ltd., noting that case involved MAT computation while this involved regular assessment under Section 44 specific to insurance business. The court found no justification for remanding the matter given clear statutory position and precedent. Case-Laws Income Tax Fri, 09 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758497