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TMI Blog2002 (9) TMI 44X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 260A of the Income-tax Act, 1961 (for short "the Act"), are directed against the two orders passed by the Income-tax Appellate Tribunal (for short "the Tribunal") in I.T.A. No. 119/Delhi of 1990 and I.T.A. No. 3101/Delhi of 1991, pertaining to the assessment years 1986-87 and 1988-89, respectively. Since a common issue is involved in both the appeals, these are being disposed of by this order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Commissioner of Income-tax (Appeals) but without any success. The matter was taken up in further appeal to the Tribunal. The Tribunal, vide the impugned orders, has accepted the stand of the assessee that since the profits and gains of its business have been computed in accordance with the rules contained in the First Schedule to the Act, as stipulated in section 44 of the Act, the Assessing Off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee. It is, thus, submitted that a substantial question of law arises from the orders of the Tribunal. Mr. Syali, on the other hand, would contend that since section 44 of the Act expressly makes the First Schedule to the Act applicable to an assessee carrying on insurance business, the ratio of the aforenoted decision of the Supreme Court did not apply in the present case. It is urged that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Act came up for consideration before the Supreme Court in General Insurance Corporation of India v. CIT [1999] 240 ITR 139, and their Lordships observed thus: "Section 44 of the Income-tax Act is a special provision governing computation of taxable income earned from business of insurance. It opens with a non obstante clause and thus has an overriding effect over other pro visions contained ..... X X X X Extracts X X X X X X X X Extracts X X X X
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