The two member bench of Income Tax Appellate Tribunal ( ITAT ) Delhi bench directed to allow exemption under section 10(38) of the Income Tax Act, 1961 only after verifying the status of STT payment.
The assessee Oriental Insurance Co. Ltd is engaged in the business of General Insurance. Who filed the appeal against the order of Commissioner of Income Tax ( Appeals ) for Assessment Years 2014- 15 and 2015-16 respectively. During the assessment proceedings the AO denied the benefit of exemption under Section 10(38) of the Income Tax Act claimed by the assessee.
Aggrieved by the order, the assessee filed an appeal before the CIT(A), who disallowed the appeal.Therefore the assessee filed a second appeal before the tribunal.
It was observed by the tribunal that the issue was decided by the Tribunal in Assessee’s own case for A.Y.2016-17.Further in the assessment year 2013-14 the tribunal made a decision with respect to the issue.
The order was “AO is directed to verify about the status of STT payment and accordingly allow the exemption u/s10(38) of the Act.”
After Reviewing decision assessee own case for the assessment year 2016-17 and 2013-14 the two-member bench of Yogesh Kumar U.S ( Accountant member ) and Narendra Kumar Billaiya,( Accountant Member ) directed to allow exemption under section 10(38) of the Income Tax Act, 1961 only after verifying the status of STT payment.
Tarandeep Singh, counsel appeared for assessee and Sanjay Gupta appeared for the revenue.
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