https://www.taxtmi.com/caselaws?id=435288 The court allowed the appeal, setting aside the impugned ITAT order, and ruled in favor of the appellant. It determined that the profits and gains of the assessee engaged in the life insurance business should be computed exclusively under Section 44 of the Income Tax Act, 1961, which contains a non-obstante clause. The Tribunal erred by considering other provisions like Section 40(a) and Section 43B for disallowances related to interest on TDS, unpaid bonus, and leave encashment. The judgment emphasized the exclusive applicability of Section 44 for such computations, aligning with prior decisions for other assessment years. en-us Wed, 22 Feb 2023 00:00:00 +0530 Wed, 25 Oct 2023 11:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=435288 The court allowed the appeal, setting aside the impugned ITAT order, and ruled in favor of the appellant. It determined that the profits and gains of the assessee engaged in the life insurance business should be computed exclusively under Section 44 of the Income Tax Act, 1961, which contains a non-obstante clause. The Tribunal erred by considering other provisions like Section 40(a) and Section 43B for disallowances related to interest on TDS, unpaid bonus, and leave encashment. The judgment emphasized the exclusive applicability of Section 44 for such computations, aligning with prior decisions for other assessment years. Case-Laws Income Tax Wed, 22 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=435288