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2017 (9) TMI 734 - HC - Income TaxRelief admissible under section 35B - weighted deduction under Section 35B - assessee is a general insurance company - scope of Section 44 of the Income Tax Act, 1961 - Held that:- Commissioner of Income Tax v. Hero Cycles Pvt. Ltd. and another [1997 (8) TMI 6 - SUPREME Court] says when the Act speaks of section 28 to section 43B, then each one of the sections from section 28 to section 43B will be included. The newly inserted section 35B was not specifically mentioned because it was not necessary to do so, just as it was not necessary to specifically mention section 35B in section 29, which lays down that computation of profits and gains of business or profession shall be computed in accordance with the provisions contained in sections 30 to 43C. Moreover, when the Act specifically says that profits and gains of insurance business shall be computed in accordance with the rules contained in the First Schedule then such computation has to be made according to that rule and not any other rule. We are unable to accept the contention that the benefit of section 35B should also be given to any insurance company. - Decided against assessee.
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