2023 (9) TMI 1693

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.... Choudhary, CIT-DR. ORDER PER DR. B. R. R. KUMAR, ACCOUNTANT MEMBER: The present appeals have been filed by the assessee and the Revenue against the order of ld. CIT(A)-22, New Delhi dated 03.10.2016. ITA No. 6281/Del/2016 (Revenue Appeal) Accrued Interest on Loans, Debentures & Bonds: 2. This AO disallowed the interest income which the assessee has not recognized as interest as income fo....

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....of its insurance business in accordance with the said rules. The scope of section 44 of the Act came up for consideration before the Supreme Court in General Insurance Corpn.'s case, (supra), and their Lordships observed thus: "Section 44 of the Income-tax Act is a special provision governing computation of taxable income earned from business of insurance. It opens with a non obstante claus....

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....Officer that the taxable income has not been computed in accordance with section 44 of the Act, no fault can be found with the view taken by the Tribunal. No question of law, much less a substantial question of law, survives for our consideration. Consequently, both the appeals are dismissed." 3. Since, the issue has attained finality by the order of the Hon'ble Delhi High Court, the appeal of t....

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....5, the provisions of Section 14A are not applicable. Reliance is placed on the judgments of Co-ordinate Bench of ITAT in assessee's own case for A.Y. 2000-01, A.Y. 2001-02, A.Y. 2003-04, A.Y. 2005-06, A.Y. 2007-08, A.Y. 2008-09, A.Y. 2010-11 and A.Y. 2011-12. 6. In the result, the appeal of the Revenue is dismissed. ITA No. 6134/Del/2016 (Assessee Appeal) Profit on Sale/Redemption Investments:....