2016 (8) TMI 1627

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.... For the  Assessee : Shri Jitendra Sanghvi ORDER PER SAKTIJIT DEY, J.M. Instant appeal by the Department is directed against the order dated 15th July 2014, passed by the learned Commissioner (Appeals)- 18, Mumbai, for the assessment year 2011-12. 2. The solitary issue arising in the present appeal is, whether or not the disallowance under section 14A of the Income Tax Act, 1961....

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....1,88,77,953. The Assessing Officer, however, while completing the assessment did not accept the claim of the assessee on the reasoning that the Department has not accepted the decision of the Tribunal and filed appeal before the High Court. Being aggrieved of the disallowance made under section 14A r/w rule 8D, assessee preferred appeal before the first appellate authority. 4. The learned Commi....

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....ssee. In support, he relied upon the following decisions:- i) ICICI Prudential Life Insurance Co. Ltd. v/s DCIT, ITA no.1513 & 1616/Mum./2013, dated 26.12.2014; ii) SBI Life Insurance Co. Ltd. v/s JCIT, ITA no.3800, 3801 & 1501/Mum./2008, order dated 23.5.2014; iii) ACIT v/s HDFC Standard Life Insurance Co. Ltd., ITA no.3004/Mum./2012, dated 20.9.2013; iv) ICICI....

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....fore us. Undisputedly, the assessee is engaged in the business of life insurance. The Assessing Officer himself in the assessment order has observed that profits of the assessee has to be computed in terms of section 44 r/w rule 2 of the First Schedule to the Income Tax Act, 1961. We have noted, the Tribunal in a series of decisions, as referred to above, has clearly and categorically held that as....