2015 (7) TMI 972

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....pondent: S.P. Mehta and Others ORDER This appeal by the revenue under Section 260A of the Income Tax Act, 1961 challenges the order dated 14 September 2012 passed by the Income Tax Appellate Tribunal in respect of Assessment Year 200506. 2. Mr. Suresh Kumar, the learned Counsel for the revenue urges the following substantial questions of law for our consideration: "1) Whether on the fa....

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.... the case in in law, the Tribunal is correct in allowing the relief to the assessee by holding that "surplus" available both in Policy Holders Account and Share Holder's Account is to be consolidated and only "net surplus" is to be taxed as income from Insurance Business? 4) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in holding that prov....

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....dingly allowing the relief to assessee?" 3. So far as Question Nos. 5 and 6 are concerned, the impugned order of the Tribunal has followed the decision of this Court in GIC of India being Writ Petition No. 2560/2011 rendered on 1 December 2011 and its own earlier order in GIC in Income Tax Appeal No. 3554/Mum/2011. The revenue is not able to point out any distinguishing feature in this case war....