TaxTMI 
TaxTMI 
2020 (1) TMI 619
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.... aside.Since all these appeals emanate from the same set of facts, we deem it just and convenient to dispose them of by way of a common order. 2. Brief facts of the case, as could be culled out from the record, are that the assessee is a joint venture between Max India Ltd and New York Life International Holdings Ltd. and is an Indian insurance company, allowed a life insurance business license by the Insurance Regulatory and Development Authority (IRDA). For the assessment years 2012-13 and 2013- 14, assessee filed their returns of income on 27/11/2012 and 28/11/2013 declaring income of Rs. Niland Rs. 3,84,19,25,560/-respectively under the normal provisions of the Income Tax Act, 1961 (for short "the Act"). Assessment under section 143(3) of the Act was completed by orders dated 2/3/2016 and 22/3/2016 at Rs nil and Rs. 4 34,91,24,560/-respectively. In this process learned Assessing Officer made an addition to the tune of Rs. 15,05,52,000/-and Rs. 18,45,42,000/-on account of profit on sale of investment, Rs. 1,94,21,000/-and Rs. 2,76,84,000/-on account of provision for bad debts and Rs. 10.5 crores and 2 crores on account of the donation paid in respect of these 2 years respe....
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....6-07. Ld. AR submitted a copy of the order dated 22/4/2019. At paragraph No. 41 of this order, a coordinate Bench of this Tribunal dealt with the issue and held that when the donation expenditure was disallowed and added to the total income of the assessee, then naturally the assessee is entitled to deduction under chapter-VI-A of the Act with respect to the donation under section 80G of the Act. Since the requisite details as required by section 80G of the Act were not furnished before the Tribunal, the Tribunal directed the assessee to furnish the relevant information before the Assessing Officer in accordance with law to claim any deduction under section 80G of the Act along with all donation receipts and 80G certificates issued by the donee to the assessee. Assessing officer was directed to verify the details in accordance with law and if found proper, to grant deduction. 7. This factual position has not been controverted by the Ld. DR and no decision to the contrary is brought to our notice. Facts being identical, and the view taken by the Tribunal in assessee's own case for the earlier assessment years covering the issue, we are of the considered opinion that the said view....
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....provision of S. 92 came before it, it took the view that S. 92 applied to an assessee carrying on insurance business. In case of computation of determination of ALP of International transaction, we are concerned with S. 92 in the case of an assessee carrying on life insurance business, there has to be two staged computation of income. First income has to be computed as per S. 44 read with First Schedule & while computing income all the other provisions relating to the computation of income chargeable under the head 'Interest on Securities', 'income from house property', 'income from capital gains' or 'income from other sources' or in S. 199 or in S. 28- 43B has to be disregarded. Second stage comes after computation of income u/s 44, computation as per provision of S. 92 by making addition on a/c of transfer pricing adjustment. 98. This decision in our view will not apply w.r.t. the applicability of S. 14A as the applicability or inapplicability of S 14A has to be considered at the stage of making computation of income u/s 44. We also do not agree with submission of learned DR since the only activity in shareholders a/c is of investment, it ....
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....d it was consistently followed in respect of the assessment years 2006-07 and 2007-08 to 2009-10. 13. In its order dated 5/1/2018, in assessee's own case for assessment year 2010-11, the Tribunal vide paragraph No. 73 to 75 set aside the order of CIT(A) on this issue and directed the Assessing Officer to take profit shown in shareholders' profit and loss account i.e. Form A-PL to be part of the income derived from life insurance business. Similar view was taken in respect of the assessment year 2006-07 and it was followed by another coordinate Bench of this Tribunal for assessment years 2007-08 to 2009-10. It was observed in the order for the assessment year 2007-08 to 2009-10 that in 2005-06, the Revenue itself had decided the issue in favour of the assessee by holding that profit and loss arising from the sale of investment is not chargeable to tax separately and it is beyond the purview of section 44 of the Act. 14. Since the issue has squarely been covered in assessee's own case for the earlier assessment years in favour of the assessee, in the absence of any reasons compelling to take a different view, we are of the considered opinion that no addition should have ....