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Section 14A Disallowance in case of insurance company not sustainable: ITAT Delhi
Case Law Details
- Case Name
- ACIT Vs Oriental Insurance Co. Ltd. (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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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 vari...
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