Income from Shareholders’ Account Taxable as Insurance Business Income: ITAT Mumbai

DCIT Vs SBI Life Insurance Co. Ltd. (ITAT Mumbai) ITAT Mumbai held that income from the shareholders’ account was held to be taxable as income from life insurance business. Accordingly, income from shareholders’ account is taxable under the head “Profits and Gains of Business or Profession”. Thus, appeal of revenue dismissed. Facts- The assessee is carrying on the business of life insurance, including life annuity linked, non-linked term, whole term assurance, pension business, long term health insurance, family insurance, group insurance, etc. During the assessment proceedings, it was...