Insurance spare consumption to be treated as revenue in nature.

Last updated: 23 February 2021

Court :
ITAT Chennai

Brief :
These cross appeals filed by the assessee, as well as the Revenue are directed against separate, but identical orders ofthe Commissioner of Income Tax (Appeals)-5, Chennai both dated 27.12.2017 and pertain to assessment years 2013-14 & 2014-15. Since, facts are identical and issues are common, for the sake of convenience these appeals are heard together and are being disposed of by this consolidated order.

Citation :
ITA 869/CHNY/2018

IN THE INCOME TAX APPELLATE TRIBUNAL
‘B’ BENCH, CHENNAI

BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER AND
SHRI G. MANJUNATHA, ACCOUNTANT MEMBER

ITA Nos.: 868 & 869/CHNY/2018
Assessment Years: 2013-14 & 2014-15

M/s. NLC India Ltd.,
(Formerly known as Neyveli
Lignite Corporation Ltd.),
Block-1, Corporate Office,
Neyveli Township, Cuddalore
District, Neyveli – 607 801.
PAN: AAACN1121C
Appellant

vs.

The DCIT,
Company Circle VI(4),
Chennai.
Respondent

ITA Nos.: 952 & 953/CHNY/2018
Assessment Years: 2013-14 & 2014-15

The DCIT,
Company Circle VI(4),
Chennai.
Appellant

vs.

M/s. NLC India Ltd.,
(Formerly known as Neyveli
Lignite Corporation Ltd.),
Block-1, Corporate Office,
Neyveli Township, Cuddalore
District, Neyveli – 607 801.
PAN: AAACN1121C
Respondent

Assessee by : Shri Raghavan Ramabadran, CA
Revenue by : Shri G. Srinivasa Rao, CIT

Date of Hearing : 07.01.2021
Date of Pronouncement : 08.02.2021

O R D E R

Per G. MANJUNATHA, AM:

These cross appeals filed by the assessee, as well as the Revenue are directed against separate, but identical orders ofthe Commissioner of Income Tax (Appeals)-5, Chennai both dated 27.12.2017 and pertain to assessment years 2013-14 & 2014-15. Since, facts are identical and issues are common, for the sake of convenience these appeals are heard together and are being disposed of by this consolidated order.

2. The assessee as well as the Revenue have raised common grounds of appeal for both assessment years and therefore forthe sake of brevity, following grounds of appeal filed by theassessee and the Revenue for assessment year 2013-14 are reproduced as under:-

To know more in details find the attachment file