Disallowance of Dividend Income was deleted as sec. 44 overrides sec.14A in computation of income for Insurance Companies

ACIT Vs ICICI Prudential Life Insurance Company Limited (ITAT Mumbai) Conclusion: Disallowance on dividend income claimed by ICICI Prudential Life Insurance was deleted as Section 44, being a non-obstante clause, overrides the provisions of Section 14A of the Income Tax Act, 1961, in computing income for life insurance companies. Held: Assessee was a public limited company registered under the companies Act, 1956 engaged in the sole business of life insurance. The activities of insurance was governed by the Insurance Act 1938, Insurance Regulatory and Development Authority Act (IRDA),1999 as a...