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 Regu

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