National Insurance Company Limited Vs. DCIT, Circle-5(1), Kolkata
Case No: ITA Nos.: 2803, 2804, 2805 & 2806/KOL/2025
Court: INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘C’ BENCH AT KOLKATA
Date: 2/12/2026
Parties Involved
appellantNational Insurance Company Limited
respondentDCIT, Circle-5(1), Kolkata
Facts Summary
The assessee, National Insurance Company Limited, is engaged in the insurance business and filed its original return of income for the assessment year 2018-19 showing a total loss. The case was selected for scrutiny, and the Assessing Officer disallowed certain expenses, including an amount of ₹16,64,44,000 on account of expenditure in excess of the limits specified under section 40C of the Insurance Act, 1938. The assessee appealed against this disallowance before the Commissioner of Income Tax…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the disallowance of ₹16,64,44,000 on account of expenditure in excess of the IRDAI limit is justified.
- 2. Whether the penalty of ₹11,52,05,880 levied under section 270A of the Act is valid.
Precedents Relied Upon
2 precedents cited in this judgement.