Whether input tax credit is to be reversed on undertaking obligatory investment in securities ?
TRT-2026-723

Issue Favourable to Tax Payer ?:- yes

Held - It can be seen from the above reproduced provisions, the activity undertaken by the appellant assessee of issuing any unit linked insurance policy or scrips or any instrument is covered under life insurance business. The Insurance Act, 1938, in Section 27 thereof also mandates that it is obligatory on the part of the insurance company to have investments which are not less than the sum of its current and expected future liabilities towa.....