https://www.taxtmi.com/caselaws?id=413178 In the computation of income from life insurance business governed by section 44 and the First Schedule to the Income-tax Act, a further disallowance under section 14A read with rule 8D is not permissible. Taxable profits under this special regime are determined in the manner specifically prescribed by the Act, and coordinate benches had consistently held that where no separate expenditure has been allowed against exempt income under that computation, section 14A has no further application. The Revenue did not dispute that consistent view before the Tribunal, and the issue was decided in favour of the assessee. en-us Mon, 04 Oct 2021 00:00:00 +0530 Wed, 06 Oct 2021 08:47:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413178 In the computation of income from life insurance business governed by section 44 and the First Schedule to the Income-tax Act, a further disallowance under section 14A read with rule 8D is not permissible. Taxable profits under this special regime are determined in the manner specifically prescribed by the Act, and coordinate benches had consistently held that where no separate expenditure has been allowed against exempt income under that computation, section 14A has no further application. The Revenue did not dispute that consistent view before the Tribunal, and the issue was decided in favour of the assessee. Case-Laws Income Tax Mon, 04 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413178