ITAT Deletes Section 37(1) Disallowance as No Penal Action Was Taken by IRDA Against Insurance Company

DCIT Vs HDFC Ergo General Insurance Company (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, dismissed both the Revenue’s appeal and the assessee’s cross-objection arising from the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2012-13. The Revenue challenged the deletion of additions made under Section 37(1) and Section 14A of the Income-tax Act, 1961, while the assessee questioned the validity of the reassessment proceedings under Section 147. The assessee had filed its return of income on 28.09.2012, declaring a loss under the regular provis...