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| The Tax Publishers2019 TaxPub(DT) 5399 (Pune-Trib) INCOME TAX ACT, 1961
Section 14A
Section 44 creates a special provision in the cases of assessment of insurance companies, therefore, it was not permissible to the AO to travel beyond section 44 of First Schedule of Income Tax Act and invoke section 14A for making disallowance.
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Disallowance under section 14A - Applicability - Insurance companies to whom section 44 apply -
Assessee an insurance company computed its income under section 44. AO made disallowance under section 14A. Assessee contended that section 14A did not apply in the case of Insurance companies where provisions of section 44 apply. Held: Since section 44 creates a special provision in the cases of assessment of insurance companies therefore it was not permissible to the AO to travel beyond section 44 of First Schedule of Income Tax Act and invoke section 14A for making disallowance.
Relied:Dy. CIT v. Oriental General Insurance Co. Ltd. (2005) 92 TTJ 300 (Del) : 2005 TaxPub(DT) 715 (Del-Trib)
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2013-14
INCOME TAX ACT, 1961
Section 40(a)(ii)
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