https://www.taxtmi.com/caselaws?id=179478 The Tribunal upheld the assessee's appeal against the CIT(A)'s order regarding the applicability of sec. 14A and Rule 5(b) of the First Schedule to Insurance Business for A.Y 2005-06. Relying on a previous decision for A.Y 2003-04, the Tribunal determined that sec. 44 provides a special provision for Insurance Companies, exempting income from the sale of investments from sec. 14A. Consequently, the Tribunal directed the AO to compute the assessee's income in accordance with the earlier order, leading to the dismissal of the Revenue's appeal and the allowance of the assessee's appeal. en-us Fri, 10 Dec 2010 00:00:00 +0530 Wed, 02 Mar 2016 18:23:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179478 The Tribunal upheld the assessee's appeal against the CIT(A)'s order regarding the applicability of sec. 14A and Rule 5(b) of the First Schedule to Insurance Business for A.Y 2005-06. Relying on a previous decision for A.Y 2003-04, the Tribunal determined that sec. 44 provides a special provision for Insurance Companies, exempting income from the sale of investments from sec. 14A. Consequently, the Tribunal directed the AO to compute the assessee's income in accordance with the earlier order, leading to the dismissal of the Revenue's appeal and the allowance of the assessee's appeal. Case-Laws Income Tax Fri, 10 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179478