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| The Tax Publishers2020 TaxPub(DT) 1291 (SC) : (2020) 269 TAXMAN 0481 INCOME TAX ACT, 1961
Section 261 Section 10(38)
Where the department preferred SLP to appeal against the judgment of Bombay High Court in Pr. CIT-3 v. The New India Assurance Co. Ltd. [ITA No. 428 of 2017, dt. 4-6-2019] : 2019 TaxPub(DT) 4318 (Bom-HC), whereby the High Court held that this court in case of THE NEW INDIA ASSURANCE CO. LTD ITA No. 1025 OF 2015 : 2018 TaxPub(DT) 1391 (Bom-Guj)]. clarified that exemption available to any other assessee under clause 10(38) relating to long-term capital, would also be available to a person carrying on non-life insurance business, the Supreme Court granted leave to Appeal to department and directed the Registry to tag the matter along with Civil Appeal No. 7580 of 2019.
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Appeal (Supreme Court) - Special leave petition - Exemption under section 10(38) - Lon-term capital gains on sale of shares--Eligibility of assessee being non-life insurance business
Department preferred SLP to appeal against the judgment of Bombay High court in Pr. CIT-3 v. The New India Assurance Co. Ltd. [ITA No. 428 of 2017, dt. 4-6-2019] : 2019 TaxPub(DT) 4318 (Bom-HC), whereby the High Court held that this court in case of THE NEW INDIA ASSURANCE CO. LTD ITA No. 1025 OF 2015 : 2018 TaxPub(DT) 1391 (Bom-Guj)]. clarified that exemption available to any other assessee under clause 10(38) relating to long-term capital, would also be available to a person carrying on non-life insurance business.Held: The Supreme Court granted leave to Appeal to Department and directed the Registry to tag the matter along with Civil Appeal No. 7580 of 2019.
REFERRED :
FAVOUR : Leave granted.
A.Y. :
IN THE SUPREME COURT OF INDIA
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