Head Wise Bifurcation not Required for Computation of Insurance Company Income: ITAT Deletes Disallowance u/s 14A of Income Tax Act Against Oriental Insurance [Read Order]

Head wise - Bifurcation - Insurance Company - Income - ITA - disallowance - Oriental Insurance - ITAT -TAXSCAN

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the disallowance under Section 14A of the Income Tax Act 1961 against oriental insurance company holding that head wise bifurcation was not required for the computing income of insurance company. The assessee, Oriental Insurance Company Ltd filed a return of income declaring total income…

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