https://www.taxtmi.com/caselaws?id=384181 For insurance business, the special computation regime under section 44, read with the First Schedule, prevails over section 14A, so expenditure relatable to exempt income was not disallowed on that basis. The Tribunal treated the point as covered by its earlier orders in the assessee's own case and held the section 14A disallowance inapplicable. On education cess, the Tribunal followed the view that cess is not income tax and therefore does not fall within the bar in section 40(a)(ii); it was allowed as a business deduction. The Revenue's appeals failed and the assessee obtained relief on both substantive issues. en-us Thu, 25 Jul 2019 00:00:00 +0530 Thu, 08 Aug 2019 07:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384181 For insurance business, the special computation regime under section 44, read with the First Schedule, prevails over section 14A, so expenditure relatable to exempt income was not disallowed on that basis. The Tribunal treated the point as covered by its earlier orders in the assessee's own case and held the section 14A disallowance inapplicable. On education cess, the Tribunal followed the view that cess is not income tax and therefore does not fall within the bar in section 40(a)(ii); it was allowed as a business deduction. The Revenue's appeals failed and the assessee obtained relief on both substantive issues. Case-Laws Income Tax Thu, 25 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384181