2020 (3) TMI 507

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....ank Nagi and Mr. Pulkit Verma, Advocates.   O R D E R C.M. No. 8429/2020 (delay) 1. By this application, the applicant seeks condonation of delay of 175 days in re-filing the application. For the reasons stated in the application, the delay is condoned. 2. The application stands disposed of in the aforesaid terms. C.M. No. 8428/2020 (delay) 3. Issue notice. Learned counsel for the Resp....

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....orders of the Tribunal in relation to the same assessee for the assessment year 2000-01 and 2001-02. 7. The submission of Mr. Ajit Sharma, learned Senior Standing Counsel for the Appellant is that the applicability of Section 14A of the Income Tax Act, 1961 does not stand excluded upon reading of Section 44 read with the first schedule of the Act. He submits that the object of Section 14A is to p....

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....licability of Section 14A is excluded in relation to computation of income of an insurance company. We have examined the relevant provisions. Section 44 begins with a non-obstante clause and overrides the other provisions of the Act as mentioned therein including Section 14A. We are not convinced with the submission of Mr. Ajit Sharma that Section 14A would be applicable in respect of the Responde....

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....panies and applies, notwithstanding anything to the contrary contained in the provisions of the Income Tax Act relating to the computation of income chargeable under different heads. For computing the profits and gains of the business of insurance company, the AO had to resort to Section 44 and the prescribed rules, and could not have applied Section 28 to 43B, since the same were excluded from th....