9911796707
TMI Blog2023 (3) TMI 674X X X X Extracts X X X X X X X X Extracts X X X X ..... the appellant is aggrieved by one part of the impugned order. 2.1 In this context, our attention has been drawn to the fact that the Assessing Officer (AO) had made four additions, the details of which are set forth hereafter: (i) Disallowance of amortization of investment: Rs.1,43,46,219.44 (ii) Disallowance on account of interest on Tax Deducted at Source (TDS):Rs.960/- (iii) Disallowance on account of Bonus Unpaid:Rs.6,62,612/- (iv) Disallowance on account of Leave Encashment Unpaid: Rs.31,63,861/-. 3. Concededly, the Commissioner of Income Tax (Appeals) [in short, "CIT(A)"] deleted all four disallowances made by the AO. 4. The matter was carried in an appeal by the respondent/revenue, which resulted in the impugned order bei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a an assessee which carries on life insurance business; the other provisions contained in the Act for ascertaining income under the head "Profits and Gains" will not be applicable. 10.2 Ms Jha says that Section 44 has to be read along with First Schedule of the Act. 10.3 In support of her submissions, Ms Jha relies on the following judgments: (i) General Insurance Corpn. of India vs. Commissioner of Income Tax, (1999) 106 taxmann.com 389 (SC) (ii) Principal Commissioner of Income Tax vs. Oriental Insurance Company Limited, (2020) 118 taxmann.com 48 (Delhi). 11. On the other hand, Mr Puneet Rai, learned Senior Standing Counsel, who appears on behalf of the respondent/revenue, contends to the contrary. 11.1 In support of his submission ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he event of any dissonance, the provisions of the rules contained in the First Schedule will prevail over the provisions of the Act. Section 44 provides for a statutory mechanism for computing profits and gains of an insurance business and includes, in this context, business carried on by a mutual insurance company or even by a cooperative society. In that sense it moves away from the usual and general method of computing income chargeable to tax by bearing in mind the heads of income of income referred to in Section 14 of the Act. 15.1 This is plainly evident, since there is a specific reference to Section 199, [which broadly deals with granting credit to the person from whose income tax has been deducted at source] and the Sections spann ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
