Income from shareholders’ account taxable as life insurance business

Tata AIA Life Insurance Company Ltd. Vs PCIT (ITAT Mumbai) ITAT Mumbai held that income from shareholders’ account is to be taxed as a part of life insurance business as assessee is carrying on only life insurance business. Facts- The assessee is a joint venture between Tata Sons and the AIA Group and carries on life insurance business in India in accordance with the regulations prescribed by the Insurance Regulatory and Development Authority of India (IRDA). The taxable income of assessee was computed as difference between the surplus appearing in the Old Form I as on 31/03/2017 and the sur...