Appellate Tribunal Grants Exemptions u/ss 10(34) & 10(23AAB) for Insurance Income; 12.5% Tax Rate Applies.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....The Appellate Tribunal held that the assessee is entitled to exemption u/s 10(34) & 10(23AAB) in computing income of insurance business u/s 44, based on precedent and CIT (A) decision. Tax rate of 12.5% u/s 115B applies to assessee's income from Life Insurance Business. Addition u/s 80(JJAA) was not adjudicated by AO, but CIT (A) directed AO to consider it. The AO must verify and decide on the deduction claim u/s 80(JJAA) as per law after giving opportunity to assessee.....