Section 14A Disallowance in case of insurance company not sustainable: ITAT Delhi

ACIT Vs Oriental Insurance Co. Ltd. (ITAT Delhi) ITAT Delhi held that disallowance made u/s. 14A under the normal provisions of the Act not justified as section 44 overrides other provisions. Further, disallowance u/s. 14A couldn’t be added to book profit u/s. 115JB of the Income Tax Act. Thus, appeal of revenue dismissed. Facts- The assessee is a Public Sector Undertaking of Government of India and is in the business of Non-Life Insurance, The assessee offers insurance covers for large projects like power plants, petrochemical, steel and chemical plants. It also offers various insurance pro...