Dismissing the appeal of the revenue the Court held that surplus available in shareholder’s account was not to be taxed separately as income from other sources and same was to be taxed at normal corporate rate as specified under S. 115JB of the Act. (AY. 2010-11, 2011-12)
PCIT v. ICICI Prudential Life Insurance Company Ltd. (2019) 415 ITR 389/ 105 taxmann.com 471 / 263 Taxman 471 (Bom.)(HC) Editorial: SLP is granted to the revenue, PCIT v. ICICI Prudential Life Insurance Company Ltd. (2019) 263 Taxman 47// 411 ITR 39 (St) (SC)
S. 115B : Life Insurance business–Surplus available in shareholder’s account was not to be taxed separately as income from other sources and same was to be taxed at normal corporate rate as specified under section 115JB of the Act. [S. 56]