Case Law Details
Brief : In a recent ruling, the Mumbai Income-tax Appellate Tribunal (“the Tribunal”) in the case Birla Sun life Insurance Company Ltd. Vs. DCIT [2010-TIOL-535- 1TAT-MUM]’, held that no dis allowance under section 14A of the Income-tax Act, 1961 (“the Act”) is attracted in the case of a life insurance company.
The Tribunal also held that dis allowance of software expenses and of expenses incurred for increase in authorized share capital, is not attracted in view of the special provisions of section 44 of the Act read with the relevant rules in the First Schedule to the Act.
Citation : Birla Sun life Insurance Company Ltd. v. DCIT [2010-TIOL-535- 1TAT-MUM]
Court : Mumbai Income-tax Appellate Tribunal
Facts of the case
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