Bombay High Court
Pr. Commissioner Of Income-Tax- 14 vs India First Life Insurance Co. Ltd on 9 June, 2022
Author: N.R. Borkar
Bench: Nitin Jamdar, N.R. Borkar
25-ITXA-264-2018.odt
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INCOME TAX APPEAL NO. 264 OF 2018
Pr. Commissioner of Income Tax - 14 ... Appellant
Versus
India First Life Insurance Co. Ltd. ... Respondent
.........
Mr. Suresh Kumar alongwith Ms. Krunali Satra for the Appellant.
Mr. Sameer Dalal for the Respondent.
.........
CORAM : NITIN JAMDAR AND
N.R. BORKAR, JJ.
DATED : 9 JUNE 2022 P.C. :-
Heard the learned Counsel for the parties. The Appeal filed by the Appellant-Revenue pertains to the Assessment Year 2010- 2011.
2. The Appellant-Revenue has pressed the following questions as substantial questions of law :
"1. Whether on the facts and in the circumstance of the case and in law, the Hon'ble Tribunal was justified in holding that the assessee is entitled to claim of Rs.182859480 on account of loss from pension fund ?
2. Whether on the facts and in the circumstance of the case and in law, the Hon'ble Kanchan P Dhuri 1 / 3 25-ITXA-264-2018.odt Tribunal was justified in allowing deduction on dividend income earned under pension fund scheme ?"
3. As regards the first question raised, the Tribunal has relied upon decision of this Court in the case of Commissioner of Income Tax-1, Mumbai v. Life Insurance Corporation of India Ltd. 1. After following the said decision, the Tribunal has held that claim for the loss incurred from the pension fund is allowable. The Tribunal followed the decision of this Court and no contrary decision is shown to us nor it is pointed out that this view has been overruled. This question therefore cannot be considered as a substantial question of law, having been already concluded.
4. As regards second question sought to be urged, the Tribunal has relied on the decisions of the Tribunal in the case of ICICI Prudential Insurance Co. Ltd. v. CIT and SBI Life Insurance Co. Ltd. v. CIT. The Learned Counsel for the parties have brought to our notice the orders passed by this Court on 22 July 2015 in Income Tax Appeal No.7110 of 2013 in respect of the decision in ICICI Prudential Insurance Co. Ltd. and order passed in Income Tax Appeal No.62 of 2014 on 27 June 2016 in respect of SBI Life Insurance Co. Ltd. The Learned Counsel for the parties points out that by dismissing these Appeals of the Revenue, decisions of the Tribunal in 1 338 ITR 212 (Bombay) Kanchan P Dhuri 2 / 3 25-ITXA-264-2018.odt these two cases were confirmed.
5. In light thereof, both the questions do not arise for consideration.
6. The Appeal is dismissed.
( N.R. BORKAR, J. ) ( NITIN JAMDAR, J. )
Digitally signed
by KANCHAN
KANCHAN PRASHANT
PRASHANT DHURI
DHURI Date:
2022.06.14
11:13:55 +0530
Kanchan P Dhuri 3 / 3