2013 (7) TMI 1204

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....SurinderJit Singh O R D E R PER B. RAMAKOTAIAH, AM: These two appeals are filed by the revenue for the assessment years 2007-08 and 2008-09 against the order of CIT(A)-2, Mumbai dated 06.03.2012. Since common issues are involved, these appeals are considered together and are decided by this common order. For the sake of record, the grounds raised by the revenue in appeal No. ITA No.3938/M....

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....come tax Act. 2. Whether on the facts and in circumstances of the case and in law, the ld. CIT(A) was correct in law in holding that provision of 115O read with section-Q of the Act are not applicable in the case of Assessee." 2. Briefly stated, it is the case of the AO that the assessee corporation declared its income on the basis of actuarial valuation surplus. The assessee claimed s....

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....lied on the above decisions vide para-2.3 and directed the AO to delete the addition on the issue. Since the issue is already crystallized by the decision of the Hon'ble Jurisdictional High Court quoted supra, there is no merit in the revenue's contentions raised in the grounds. In view of this, the ground is rejected. 3. Ground No. 2 pertains to order of CIT(A) on issue of provisions of se....

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....lder and the amount paid by the LIC to the Govt. of India in terms of Section 28 and 28A of the LIC Act, 1956 is not dividend as defined under section 2(22) of the Income- tax Act. Similar issue was also decided in the favour of the assessee corporation for the AY. 1999-00 to 2001-02 by the ITAT vide its consolidated order passed on 15/10/2007. Further, the issue has been decided in the favour of ....