TMI Blog2014 (9) TMI 90X X X X Extracts X X X X X X X X Extracts X X X X ..... tted 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 fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of law: 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? 2. Mr. Suresh Kumar, however, would urge that questions (a) and (b) on page 4 of the paper book are equally substantial questions of l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax Act reported in (1978) 115 ITR 45. 4. These two decisions have been followed in the case of General Insurance Corporation of India (supra) and which only demonstrate that from 1969 till 2014, the Revenue pursues and continues to raise the same objections as have been noted by this Court in the three judgments. We do not understand as to how the Assessing Officer can ignore Section 44 of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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