TaxTMI 
TaxTMI 
2021 (3) TMI 1045
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....1. On the facts and in the circumstance of the case, the Ld. CIT(A) has erred in deleting addition of Rs. 8,75,13,000/- made by the Assessing Officer on account of income earned on investment of corpus fund." 2. At the outset, ld. counsel submitted that this issue raised by the Revenue stands covered by the decision of the Tribunal in assessee's own case for Assessment Year 2012-13 in ITA No. 1279/Del/2016 vide order dated 06.11.2019. The facts in brief are that the assessee-company was set up to provide financial security to persons engaged in agriculture and elite activities, through insurance product and other support services, as per declared policy of the Government of India. The assessee's case was reopened u/s. 148 by the ....
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....ded sum of Rs. 875,13,000/-. 4. Ld. CIT(A) has held that similar issue has been adjudicated in the appeal for Assessment Year 2012-13 by the ld. CIT(A) wherein this issue has been decided in favour of the assessee and further in Assessment Year 2014-15 also similar issue was decided in favour of the assessee. 5. We find that this Tribunal in assessee's own case have noted the following facts and have decided the issue in favour of the assessee in the following manner:- 10. After discussing certain other judicial decisions, the ld. CIT(A) observed that the income received from investments and credited to the corpus fund has been credited as per the directions of the Government of India and such income was earned out of the....
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....to the orders of the authorities below and have carefully considered the letter of the Government of India referred to hereinabove. The facts of the case, read with the aforesaid letter of the Government, clearly demonstrates that this is a case of diversion of income by overriding titles. Considering the fats of the case in the light of the letter of Government of India, we find that the reliance by the ld. CIT(A) on the ratio laid down by the Hon'ble Supreme Court in the case of Associated Power [supra] is well taken. The ratio laid down by the Hon'ble Supreme Court has been followed in various judgments, to name a few, CIT Vs. New Horizon Sugar Mill Pvt. Ltd. 244 ITR 738, Bijli Cotton Mills [P] Ltd. 116 ITR 60, Dalmia Cement Ltd.....
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....peal for the Assessment Year 2012-13 and is also covered by the decision of the Tribunal in assessee's own case. 9. In so far as the disallowance u/s. 14A read with Rule 8D is concern, the ld. Assessing Officer has observed that assessee-company has made investment in subsidiary companies, equity shares in mutual funds and the income derivable from such investment is not includable in such income. However, there is no finding as to whether the assessee had any exempt income or not. He proceeded to make the disallowance under Rule 8D at Rs. 1,37,35,501/-. 9. Ld. CIT(A) has deleted the said addition, holding that firstly; Assessing Officer has not recorded his satisfaction before embarking any disallowance u/s. 14A read with Rule 8D....
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.... the provisions of this Act relating to the computation of income chargeable under the head 'interest on securities', 'income from house property', 'capital gains' or 'income from other sources' or profits and gains of any business of insurance, including any such business carried on by a mutual insurance company or by a cooperative society, shall be computed in accordance with the rules contained in the First Schedule. 23. The above provision makes it very clear that section 44 applies notwithstanding anything to the contrary contained within the 'provisions of the income-tax Act relating to computation of income chargeable under different heads. We agree with the learned counsel that there is n....