Case Law Details
CIT Vs United India Insurance Company (Madras High Court)
Since the provision has been made applicable to the Insurance companies as well with effect from 01.04.2003, the Tribunal has to decide the issue on merits for the assessment year 2013-2014 and decide as to whether the assessing officer was right in computing dis-allowance reserved for unexpired risk provision towards IBNR / IBNER claim and dis-allowance under Section 14(A) read with Rule 18 and the Tribunal to take a decision on merits and in accordance with law, therefore, the matter has to be remanded to the Tribunal for fresh consideration, accordingly, the observations made by the Tribunal in the impugned order in Paragraph Nos.55 and 56 are set aside, insofar as it relates to assessment year 20132014 and the matter is remanded to the Tribunal to decide the issue with regard to the computation under book profit and whether the assessing officer was right in his computation.
FULL TEXT OF THE HIGH COURT ORDER /JUDGEMENT
These appeals, at the instance of the revenue filed under Section 260A of the Income Tax Act, 1961 (the ‘Act’ for brevity) challenging the common order passed by the Income Tax Appellate Tribunal, ‘A’ Bench, Chennai in ITA Nos.1571 and 1085/Chny/2017 dated 28.08.2018 for the Assessment Year 2013-2014 respectively.
2. The Revenue had raised Five Substantial Questions of Law for consideration. When the appeals came up for admission before us, on 21.06.2019, we had admitted the appeals only with regard to Substantial Question of Law No.3 and decided the other questions on the following lines:
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