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TMI Blog2020 (3) TMI 507X X X X Extracts X X X X X X X X Extracts X X X X ..... e same view of the Tribunal has prevailed in respect of the earlier assessment years i.e. 2000-01, 2001-02 and 2005-06. No merit in the submission of Mr. Sharma that the Tribunal should have remanded back the matter to the Assessing Officer for computation of income of the Respondent-assessee in terms of first schedule of the Act, since that was not even a ground urged by the Revenue before the Tribunal. At this stage, it is too late in the day for the Revenue to argue that notwithstanding the grounds urged to challenge the order of the CIT (A), the Tribunal should have ventured into examining the merits of the computation of income of the Respondent assessee in terms of Section 44 read with the first schedule of the Act. No doubt, the T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal has dismissed the said appeal by placing reliance on its earlier order in relation to Respondent-assessee for assessment year 2005-06 which in turn placed reliance on the earlier orders of the Tribunal in relation to the same assessee for the assessment year 2000-01 and 2001-02. 7. The submission of Mr. Ajit Sharma, learned Senior Standing Counsel for the Appellant is that the applicability of Section 14A of the Income Tax Act, 1961 does not stand excluded upon reading of Section 44 read with the first schedule of the Act. He submits that the object of Section 14A is to prevent a double benefit being claimed by the assessee, by claiming deduction of expenditure incurred in deriving income which does not constitute part of the total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act relating to computation of income, inter alia, those contained in Section 28 to 43B . Thus, the exclusion would take within its sweep Section 14A which is an exemption for deductions as allowable under the Act, as provided under Section 28 to 43B. Further, Section 44 is a special provision applicable in the cases of insurance companies and applies, notwithstanding anything to the contrary contained in the provisions of the Income Tax Act relating to the computation of income chargeable under different heads. For computing the profits and gains of the business of insurance company, the AO had to resort to Section 44 and the prescribed rules, and could not have applied Section 28 to 43B, since the same were excluded from the purvi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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