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January 2024

Insurance Business — Computation of profits — Effect of S. 44

By K. B. Bhujle | Ritu Punjabi, Advocates
Reading Time 3 mins
70 Sahara India Life Insurance Co. Ltd. vs. ACIT
[2023] 457 ITR 548 (Del.)
A.Y.: 2014–15 
Date of Order: 22nd February, 2023 
S. 44 of ITA 1961
 
Insurance Business — Computation of profits — Effect of S. 44.
 
The assessee carries on a life insurance business. In the assessment for the A.Y. 2014–15, the Assessing Officer (AO) made four disallowances, viz. disallowance on account of amortization of investment, disallowance of interest on TDS, disallowance of unpaid bonus and disallowance on account of unpaid leave encashment.
 
CIT(A) allowed the assessee’s appeal and deleted all the additions. Except on the ground of amortization of investment, the Tribunal reversed the order of the CIT(A) and upheld the disallowances made by the AO.
 
In an appeal by the assessee, the High Court framed the following question of law:Read More
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