2019 (6) TMI 374

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..... . Heard. 2. The Appeal is admitted for consideration of following substantial questions of law : (1) Whether on the facts and in the circumstances of the case and in law, the Hon'ble Tribunal was right in holding that since Sub-rule (b) to Rule 5 of First Schedule to the Income Tax Act, 1961 was omitted w.e.f. 01.04.1989 the profits on sale of investments and securities were not taxable in .....

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..... tances of the case and in law, the Hon'ble Tribunal was right in deleting the disallowance of expenses under Section 14A of the Act holding that due to non-obstante provisions of Section 44 of the Act, provisions of Section 14A are not applicable in the cases of insurance Company ? (5) Whether on the facts and in the circumstances of the case and in law, the Hon'ble Tribunal was right in .....

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..... circumstances of the case and in law, the Hon'ble Tribunal was right in holding that provisions of Section 115JB of the Act are not applicable to the assessee without appreciating that the accounts of the assessee are prepared in accordance with the provisions of Section 11(1) of the Insurance Act, 1938 read with the provisions of sub-section (1), (2) and (5) of Section 211 and sub-section (5) .....

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