2020 (4) TMI 543

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....nafter in short "Ld.CIT(A)"] dated 21.09.2017 for the A.Y. 2011-12. 2. Revenue in its appeal has raised the following effective grounds: - "1. On the facts and in the circumstances of the case and in law, the Ld CYT(A) erred, in relying on the order of TTAT in the case of ICICI Prudential Life Insurance CO. Ltd. for earlier years and in the case of IDBI Federal Life Insurance CO. Ltd. for A.Y. 2009-10 and 2010-1 1 respectively, in interpreting the provisions of Section 44 of the I.T. Act read with Rule 2 of the First Schedule along with provisions of Insurance Act 1938, Insurance Regulatory and Development Authority Act 1999 and regulations there under and accordingly allowing adjustment from the 'surplus' worked as per ....

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....Insurance Business and is included as an 'income' by the actuary? 5. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in AO deleting the addition made u/s 14A r.w.r. 8D on protective basis without appreciating the fact that the Ld. CIT(A) has allowed dividend as exempt income, then, the disallowance has to be made u/s 14A r.w.r. 8D of the Act and on the contrary, the department is in appeal for allowing the claim of assessee u/s 10(34) of the Act, 6. On the facts and in the circumstances of the case and in law, the Ld CIT(A) erred in deleting the addition made on account of claim of 1 00% depreciation ignoring the facts that Actuarial surplus is determined on the basis of the total....

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.... for A.Ys. 2012-13 & A.Y. 2013-14 in ITA.No. 1044 & 1045/Mum/2018 & 6970/Mum/2017 dated 24.07.2019 ITAT decision in ICICI Prudential's case in ITA.No. 1563/Mum/2013 ITAT decision in ICICI Prudential's case [140 ITD 41 (Mum)] 1. Allowing adjustment from the "actuarial valuation" Page 6, last Para of Para 3 Page 5, Para 7.1 Page 5, Para 6 Pages 6 to 8, Paras 12 to 15 Page 58, Para 19 2. Transfer between Share Holders Account and Policy Holder's Account is tax neutral Page 6, last para of Para 3 Page 5, Para 7.1 Page 6 and 7, Para 8 Pages 6 to 8, Paras 12 to 15 Page 79, Para 36 Page 83, Para 39-40 3. Negative Reserves Page 6, last para of Para 3 Page 5, Para 7.1 --- ....