Bonus allocated to Policyholders – Tax Treatment- ITAT Judgment

Max New York Life Insurance Company Ltd. Vs DCIT (ITAT Delhi) 1. This is an appeal filed by the assessee against the order of the ld CIT (A)-22, New Delhi dated 15.11.2017 for the Assessment Year 2014-15. 2. The assessee has raised the following grounds of appeal:- “1. That on the facts and circumstances of the case and in law, the Ld. CIT(A) erred in upholding the various additions made by the Ld. AO to the returned income of the Appellant whereby the income of the Appellant was assessed at Rs 9,53,09,92,000 to be taxed under Section 115B of the Act and Rs. 224,77,96,000 to be taxed under n...