2019 (7) TMI 387

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....COMMON JUDGMENT T.S.SIVAGNANAM, J. These appeals are filed by the Revenue under Section 260A of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), challenging the common order dated 28.08.2018, passed by the Income-tax Appellate Tribunal 'A' Bench, Chennai (for brevity, "the Tribunal") in I.T.A.No.30/Chny/2014, for the assessment year 2009-10; I.T.A.No.36/Chny/2014, for the assessment year 2009-10; I.T.A.No.2107/Chny/2008, for the assessment year 2004-05; I.T.A.No.1605/Chny/2011, for the assessment year 2004-05; I.T.A.No.906/Chny/2011, for the assessment year 2004-05; I.T.A.No.217/Chny/2009, for the assessment year 2004-05; I.T.A.No.1608/Chny/2011, fo....

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.... -- -- -- 2009-2010 31.12.2011 -- -- -- 2010-2011 27.03.2013 -- -- -- 2011-2012 31.03.2014 -- -- -- 2012-2013 06.03.2015 -- -- -- 2013-2014 27.03.2016 -- -- --   Assessment Year ITA No. Order Date ITA No. Order Date ITA No. Order Date 2003-2004 061/08-09 21.02.2011 60/08-09 20.07.2011 50/10-11 15.09.2011 2004-2005 851/06-07 28.08.2008 60/09-10 20.07.2011 -- -- 2005-2006 456/07-08 22.07.2011 49/10-11 20.07.2011 -- -- 2007-2008 061/09-10 20.07.2011 15/12-13 28.10.2013 -- -- 2008-2009 051/10-11 20.07.2011 -- -- -- -- 2009-2010 ....

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....e Tribunal was justified in holding that the assessee is not liable to deduct the tax at source made to surveyors outside the country was not taxable in India? (iii) Whether on the facts and circumstances of the case and in law, the Tribunal was justified and correct in holding that the provisions of Section 115JB of the Act which enables the companies to compute book profit may not be applicable to insurance companies? and (iv) Whether on the facts and circumstances of the case and in law, the Tribunal was justified and correct in holding that the assessee is not liable to deduct the tax at source towards the commission paid for receipt of re-insurance premium?" 5.As observed above, all the four questions do not arise ....

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....rance Business (Nationalisation) Act, 1972. After referring to the relevant provisions, the explanation offered in the memorandum to the Finance Bill, 1988, and the circular of the CBDT in Circular No.528, dated 16.12.1988, the Court held as follows:- "38.Thus, the major change, therefore, sought to be brought about by the 2009 amendment was to align it with the IRDA Regulations regarding preparation of accounts of general insurance companies. The changed norms, in terms of said Regulations, required a non-life insurance company to include in its Profit and Loss ('P & L') Account or Revenue Account "profit or loss on realisation/sale of investment". This was said to be consistent with the international standards. 3....