https://www.taxtmi.com/caselaws?id=393363 Section 44, read with the First Schedule, constitutes a special overriding code for computing an insurance company's income, so Section 14A cannot be invoked to disallow expenditure within that framework. The Court held that profits of insurance business must be computed only under Section 44 and the First Schedule, and prior consistent assessment treatment supported that view. It also held that a remand to the Assessing Officer was unwarranted because the fresh-computation theory was not raised before the Tribunal and could not be introduced for the first time at the appellate stage. The Revenue failed to establish any substantial question of law. en-us Wed, 04 Mar 2020 00:00:00 +0530 Fri, 13 Mar 2020 13:30:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393363 Section 44, read with the First Schedule, constitutes a special overriding code for computing an insurance company's income, so Section 14A cannot be invoked to disallow expenditure within that framework. The Court held that profits of insurance business must be computed only under Section 44 and the First Schedule, and prior consistent assessment treatment supported that view. It also held that a remand to the Assessing Officer was unwarranted because the fresh-computation theory was not raised before the Tribunal and could not be introduced for the first time at the appellate stage. The Revenue failed to establish any substantial question of law. Case-Laws Income Tax Wed, 04 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393363