The Tax Publishers2021 TaxPub(DT) 5487 (Del-Trib)

INCOME TAX ACT, 1961

Section 44 Section 14A

Section 44 begins with a non-obstante clause and overrides the other provisions of the Act as mentioned therein, including section 14A. Therefore, in view of the provisions of section 44 read with the First Schedule, provisions of section 14A were to be excluded in relation to computation of income of an insurance company.

Insurance company - Computation of income - Provisions of section 14A read with rule 8D, whether applicable or not -

AO made disallowance under section 14A read with rule 8D in case of assessee-company engaged in business of insurance. Assessee challenged this taking plea of section 44. Held: Section 44 begins with a non-obstante clause and overrides the other provisions of the Act as mentioned therein, including section 14A. Therefore, in view of the provisions of section 44 read with the First Schedule, provisions of section 14A were to be excluded in relation to computation of income of an insurance company.

Followed:., Pr. CIT v. Oriental Insurance Company Ltd., (2020) 273 Taxman 427 (Del) : 2020 TaxPub(DT) 1641 (Del-HC)

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2015-16


INCOME TAX ACT, 1961

Section 115JB Section 14A

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