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2014 (9) TMI 90 - HC - Income TaxAdmission of appeal - Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAR was correct in deleting the disallowance u/s.14A of the Act, despite the fact that the Hon'ble ITAT itself held the dividend income as exempt? - appeal admitted on this issue. Computation of profit of insurance business - Held that:- We do not understand as to how the Assessing Officer can ignore Section 44 of the Income Tax Act, 1961 and the First Schedule. - Following the decision in General Insurance Corporation of India v/s Deputy Commissioner of Income Tax and Anr [2011 (12) TMI 70 - BOMBAY HIGH COURT] - The computation of profit and gain from the insurance business is to be made separately from any other business - the provisions have been made in the Income Tax Act, 1961, particularly, bearing in mind the nature of the insurance business – Decided against the revenue.
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