ITAT Dismisses Revenue’s Appeal, Rules S.14A Disallowance Not Applicable to Oriental Insurance [Read Order]
Relying on past rulings, including those by the Delhi High Court and ITAT in earlier assessment years, the tribunal reiterated that notional disallowance under Section 14A cannot be added to book profits under Section 115JB.
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) dismissed the Revenue’s appeal, affirming that Section 14A of the Income Tax Act, 1961, disallowance does not apply to Oriental Insurance Co. Ltd., as Section 44 overrides other provisions while computing the income of an insurance business. The Revenue-appellant,appealed against the order passed by the Commissioner of…
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