Section 263 Quashed as AO Examined LTCG Exemption for Insurers

United India Insurance Co. Ltd. Vs PCIT (ITAT Chennai) Section 263 Revision on Exemption u/s 10(38) for Insurers Largely Quashed; Limited Issues Sustained The Chennai ITAT (D Bench) delivered a comprehensive consolidated order in the case of United India Insurance Co. Ltd. for AYs 2014-15 to 2017-18, examining multiple revision orders passed under section 263. Key rulings: 1. Exemption u/s 10(38) on sale of investments (Major issue): The Tribunal held that profits on sale of equity investments credited to the P&L account prepared under the Insurance Act/IRDAI framework are eligible for ex...