https://www.taxtmi.com/caselaws?id=206183 ITAT held that for an assessee carrying on insurance business, s. 44, being a special provision with a non obstante clause, governs computation of taxable income, and the AO cannot travel beyond it. In light of the deletion of sub-r. 5(b) to the First Schedule to s. 44, s. 14A cannot be invoked to disallow expenditure related to exempt income on sale/redemption of investments or mutual fund units. The enhancement made by CIT(A) was therefore reversed and related directions set aside. The assessee's appeal was allowed in full, and the Revenue's cross-objection was dismissed. en-us Mon, 31 Aug 2009 00:00:00 +0530 Fri, 21 Nov 2025 15:10:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206183 ITAT held that for an assessee carrying on insurance business, s. 44, being a special provision with a non obstante clause, governs computation of taxable income, and the AO cannot travel beyond it. In light of the deletion of sub-r. 5(b) to the First Schedule to s. 44, s. 14A cannot be invoked to disallow expenditure related to exempt income on sale/redemption of investments or mutual fund units. The enhancement made by CIT(A) was therefore reversed and related directions set aside. The assessee's appeal was allowed in full, and the Revenue's cross-objection was dismissed. Case-Laws Income Tax Mon, 31 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206183