The jurisdiction of the ITO is limited.
Court :
SUPREME COURT
Brief :
Determination of liability of income-tax under the provisions of the Act for the purpose of computation of income of an assessee, inter alia, for carrying on business in insurance is governed by section 44 thereof and rule 5(a) of the First Schedule appended to the Act.
Section 44 contains a non obstante clause. It provides for a special mode in which the assessee carrying on business, inter alia, in general insurance should be assessed.
Citation :
Commissioner of Income-tax, New Delhi
v.
Oriental Fire and General Insurance Co. Ltd.
CIVIL APPEAL NOS. 2741 TO 2745 OF 2007
DECIDED ON 18-5- 2007
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kavita jain
Published in Income Tax
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