General Insurance Corporation of India v. CIT

240 ITR 139Supreme Court of India1999#1874 most cited

What is General Insurance Corporation of India v. CIT authority for?

Rule 5(a) of the First Schedule to the Income Tax Act applies to add back an amount only if it is an expenditure or allowance contemplated in sections 30 to 43A and is specifically disallowed. Without such a specific prohibition, amounts like provisions for preference share redemption or amortization cannot be added back to an insurance company's profits.

61

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2026.

Also referred to as

General Insurance Corporation of India v. CIT · 240 ITR 139 · Rule 5(a) First Schedule · sections 30 to 43A · insurance business profits · adding back expenditure · provision for redemption · amortization claim · specific prohibition.

Also reported as

106 Taxmann 389204 Taxmann.com 587

Sections most often in play

Section 1961Section 143(3)Section 14ASection 10(34)Section 1938Section 270A of the Income Tax ActSection 30Section 37(1) of the Income Tax Act
Read the full judgment

Issues it is cited on

section 40(1)section 102section 37bsection 111asection 199section 111prohibited by lawsection 10(34)interest on securitiessection 114within four yearsfirst proviso to section 147

Judgments citing General Insurance Corporation of India v. CIT

Bajaj Allianz General Insurance Company Ltd., Pune vs. Deputy Commissioner of Income-Tax

ITA 1655/PUN/2015[2007-08]Status: DisposedITAT Pune19 Apr 2022AY 2007-08
For Appellant: Shri Percy J. Pardiwalla &For Respondent: Ms. Divya Bajpai, CIT
Section 14ASection 28Section 43BSection 44

…but the respected Parliament in his wisdom ha~ decided not to tax the same. In support it was cited that the Insurance Company are governed by Rule 5 of a schedule. Reliance was placed on the decision of [Supreme Court in the case of General Company of India 240 ITR 139 and Pandyne [insurance Company 551TR 716. c) The allegation of the A.O was that any part of the profits and gains not attributable to the Insurance Business could qualify for exemption and liable to be taxed. The contention of the assessee was that firstly the financial & C.O. 112/PUN/2017 Bajaj Allianz General A.Y. 2007-08 statements of an Insu…

Deputy Commissioner of Income-Tax vs. Bajaj Allianz General Insurance Company Ltd., Pune

ITA 1645/PUN/2015[2007-08]Status: DisposedITAT Pune19 Apr 2022AY 2007-08
For Appellant: Shri Percy J. Pardiwalla &For Respondent: Ms. Divya Bajpai, CIT
Section 14ASection 28Section 43BSection 44

…but the respected Parliament in his wisdom ha~ decided not to tax the same. In support it was cited that the Insurance Company are governed by Rule 5 of a schedule. Reliance was placed on the decision of [Supreme Court in the case of General Company of India 240 ITR 139 and Pandyne [insurance Company 551TR 716. c) The allegation of the A.O was that any part of the profits and gains not attributable to the Insurance Business could qualify for exemption and liable to be taxed. The contention of the assessee was that firstly the financial & C.O. 112/PUN/2017 Bajaj Allianz General A.Y. 2007-08 statements of an Insu…

Pr. Commissioner of Income Tax-5 vs. M/S Pnb Metlife India

ITA/128/2018HC Karnataka30 Aug 2021

Bench: S.SUJATHA,RAVI V HOSMANI

Section 115BSection 260Section 44

…IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 30TH DAY OF AUGUST, 2021 PRESENT THE HON’BLE MRS.JUSTICE S.SUJATHA AND THE HON’BLE MR. JUSTICE RAVI V. HOSMANI I.T.A.No.128/2018 C/w. I.T.A.No.181/2017 & I.T.A.No.436/2018 IN ITA No.128/2018: BETWEEN : 1. PR. COMMISSIONER OF INCOME TAX-5 BMTC COMPLEX, KORAMANGALA, BENGALURU. 2. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-5(1)(2), BMTC COMPLEX, KORAMANGALA BENGALURU. ...APPELLANTS (BY SRI SANMATHI.E.I., ADV.) AND : M/S PNB METLIFE INDIA INSURANCE COMPANY LTD., #5, BRIGADE SESHAMAHAL, VANI VILAS RO…

Kavita Agarwal, New Delhi vs. ACIT, Central Circle- 19, New Delhi

ITA 5858/DEL/2018[2011-12]Status: DisposedITAT Delhi30 Jun 2021AY 2011-12
Section 10(38)Section 111ASection 112Section 115JSection 143(1)Section 143(3)Section 14ASection 32

…Tax Act provides for adding back of only an expenditure or allowance, the provision for bad and doubtful debts cannot be added back. The appellant also relied on the decision of the Apex Court in the case of General Insurance Corporation of India reported in 240 ITR 139. However, the said decision is also in respect of AY77-78 and it deals with the provision for redemption for M/s The Oriental Insurance Co. Ltd. vs. DCIT preference shares, which was held to be not an expenditure covered by section 30 to section 43B. 5.2 In view of amendment to Rule 5 including rule 5(a) w.e.f., 01-04-2011, the decisions of the…

M/S the Oriental Insurance Co. Ltd., New Delhi vs. DCIT, New Delhi

ITA 4535/DEL/2016[2010-11]Status: DisposedITAT Delhi30 Jun 2021AY 2010-11
Section 10(38)Section 111ASection 112Section 115JSection 143(1)Section 143(3)Section 14ASection 32

…Tax Act provides for adding back of only an expenditure or allowance, the provision for bad and doubtful debts cannot be added back. The appellant also relied on the decision of the Apex Court in the case of General Insurance Corporation of India reported in 240 ITR 139. However, the said decision is also in respect of AY77-78 and it deals with the provision for redemption for M/s The Oriental Insurance Co. Ltd. vs. DCIT preference shares, which was held to be not an expenditure covered by section 30 to section 43B. 5.2 In view of amendment to Rule 5 including rule 5(a) w.e.f., 01-04-2011, the decisions of the…

DCIT (Ltu), New Delhi vs. M/S. Oriental Insurance Co. Ltd., New Delhi

In the result, the appeal of the revenue is partly allowed

ITA 2671/DEL/2017[2006-07]Status: DisposedITAT Delhi13 Jan 2021AY 2006-07

Bench: Sh. H. S. Sidhudr. B. R. R. Kumar(Through Video Conferencing) Ita No. 2671/Del/2017 : Asstt. Year : 2006-07 Deputy Commissioner Of Vs M/S The Oriental Insurance Co. Income Tax, Circle-1, Ltu, Ltd., A-25/27, Asaf Ali Road, Delhi New Delhi-110002 (Appellant) (Respondent) Pan No. Aaact0627R Assessee By : None Revenue By : Sh. H. K. Chodhary, Cit Dr Date Of Hearing: 06.01.2021 Date Of Pronouncement: 13.01.2021 Order Per Dr. B.R.R. Kumar:

For Appellant: NoneFor Respondent: Sh. H. K. Chodhary, CIT DR
Section 29Section 30Section 43Section 44

…ince it represented a loss and not an expenditure or allowance, the AO was held to have erred in adding back the said loss in the computation of the Assessee's income. Reliance was placed on the decision in General Insurance Corporation of India v. CIT [1999] 240 ITR 139 (SC). 51. The contention of the Revenue is that contradictory pleas have been taken by the Assessee before the ITAT in the appeal for the AY 1990-91 where, on the issue of write off of investments, it was contended that since Rule 5(b) had been omitted, no exemption has been provided in respect of the profits earned and that since they were char…

DCIT - 3(2)(2), Mumbai vs. The New India Assurance Co .Ltd., Mumbai

ITA 3151/MUM/2018[2012-13]Status: DisposedITAT Mumbai11 Aug 2020AY 2012-13

Bench: Shri Pramod Kumar & Shri Ravish Soodita Nos.3151 & 3149/Mum/2018 (Assessment Years: 2012-13 & 2013-14) Dy Commissioner Of Income-Tax-3(2)(2) M/S The New India Assurance Co. Ltd. 6Th Floor, Aaykar Bhavan, M.K Road, New India Assurance Building, Vs. Mumbai – 400 020 87, M G Road, Fort, Mumbai -400 001

For Appellant: Shri Rahul Raman, CIT D.RFor Respondent: Shri Farrokh V. Irani, A.R
Section 10(38)Section 115JSection 143(1)Section 143(2)Section 143(3)Section 14ASection 37Section 69B

…ar 2004-05 which held that diminution or appreciation of any value of assessment will not be taken into account while computing the total income of the Respondent-Assessee; (b) The impugned order ignores the binding decision of the Apex Court in GIC v/s. CIT 240 ITR 139; and (c) An identical question in case of GIC v/s. CIT (ITXA No.201 of 2011) has been admitted on 25th February, 2013. Thus, this question requires admission. 6 Mr. Suresh Kumar draws our attention to the order dated 29th July, 2011 passed by the Tribunal in respect of the same Respondent for the Assessment Year 2004-05. The above decision arose…

ACIT Circle-3(1)(2), Mumbai vs. Export Credit Guarantee Corporation of India Ltd., Mumbai

In the result, assessee’s appeals are allowed and Revenue’s appeals are dismissed

ITA 4077/MUM/2018[2012-13]Status: DisposedITAT Mumbai12 Dec 2019AY 2012-13

Bench: Shri Shamim Yahya (Am) & Shri Pawan Singh (Jm)

Section 143(3)Section 14ASection 44

…ses towards investments under the head ‘Expenses other than those related to insurance business’. Thereafter, learned CIT(A) referred to Rule 5(a) of First schedule and Hon'ble Apex Court decision in the case of General Insurance Corporation of India Vs. CIT (240 ITR 139). Referring to the above he held that the expenses of Rs. 97,83,650/- cannot be a permissible expenses as per section 44 of the Act, where the ‘the profit and gains of any business of insurance’ are computed in accordance with the rules contained in the First Schedule and where Rule 5 of the First Schedule deals with the computation of profits an…

Ecgc Limited, Mumbai vs. DCIT - Circle-3(1)(2), Mumbai

In the result, assessee’s appeals are allowed and Revenue’s appeals are dismissed

ITA 3569/MUM/2018[2011-12]Status: DisposedITAT Mumbai12 Dec 2019AY 2011-12

Bench: Shri Shamim Yahya (Am) & Shri Pawan Singh (Jm)

Section 143(3)Section 14ASection 44

…ses towards investments under the head ‘Expenses other than those related to insurance business’. Thereafter, learned CIT(A) referred to Rule 5(a) of First schedule and Hon'ble Apex Court decision in the case of General Insurance Corporation of India Vs. CIT (240 ITR 139). Referring to the above he held that the expenses of Rs. 97,83,650/- cannot be a permissible expenses as per section 44 of the Act, where the ‘the profit and gains of any business of insurance’ are computed in accordance with the rules contained in the First Schedule and where Rule 5 of the First Schedule deals with the computation of profits an…

D.C.I.T., Circle - 6(2), Kolkata vs. M/S. National Insurance Company Limited, Kolkata

In the result, the appeal of the Revenue is dismissed

ITA 1030/KOL/2018[2015-16]Status: DisposedITAT Kolkata11 Dec 2019AY 2015-16

Bench: Shri P.M. Jagtap(Kz) & Shri S.S. Godara, Jm] I.T.A. No. 1030/Kol/2018 Assessment Year: 2015-16 Dcit, Circle – 6(2) Kolkata......................................…………………………..........................Appellant P-7, Chowringhee Square, Kolkata – 700 069. Vs M/S. National Insurance Company Ltd....................………………………………………Respondent 3, Commercial Union House, Middleton Street, Kolkata – 700 071. [Pan: Aaacn 9967 E] Appearances By: Shri A.K. Nayak, Cit Appearing On Behalf Of The Revenue. Shri Sanjay Bhattacharya, Ar Appearing On Behalf Of The Assessee. Date Of Concluding The Hearing : November 21, 2019 Date Of Pronouncing The Order : December 11, 2019 Order Per P.M. Jagtap, Vice-(Kz & Hz) This Appeal Is Preferred By The Revenue Against The Order Of Ld. Cit(A) -2, Kolkata Dated 28.03.2018. 2. The Assessee In The Present Case Is A Company Which Is Engaged In Insurance Business. The Return Of Income For The Year Under Consideration Was Filed By It On 30.09.2015 Declaring A Loss Of Rs. 236,55,28,074/-. In The Assessment Completed U/S 143(3) Vide An Order Dated 31.10.2017, The Total Income Of The Assessee Was Determined By The Ao At Rs. 1091,24,39,870/- After Making Additions Inter Alia On Account Of Disallowance Of Written Off Depreciated Investment Amounting To Rs. 1,33,58,000/-, Disallowance Of Amortisation Of Premium Paid On Investment Amounting To Rs. 5,89,11,000/- & Disallowance U/S 14A Read With Rule 8D Amounting To Rs. 62,43,05,014/-. The Book Profit Of The Assessee Company U/S 115Jb Of The Act Was Also Computed By The Ao At Rs.

Section 115JSection 143(3)Section 14ASection 44

…r to add back only that expenditure or allowance or a provision which was not admissible under the provisions of sections 30 to 43B. The appellant had brought to the attention of the ld AO of the facts and the decision of the Hon'ble Supreme Court reported in 240 ITR 139 (SC). However, while making the assessment the ld AO had not considered the assessee's reference made to the decision of the Hon'ble Supreme Court as reported in 240 ITR 139 (SC) and he disallowed the sum of Rs.4,22,26,000/-. The assessee further submitted that as per the facts and the decision of the Hon'ble Supreme Court in the case of CIT v. O…

Icici Prudential Life Insurance Company Ltd, Mumbai vs. Asst CIT Cir 6(1), Mumbai

ITA 384/MUM/2015[2012-13]Status: DisposedITAT Mumbai22 Nov 2019AY 2012-13

Bench: Shri S. Rifaur Rahman, Am & Shri Ram Lal Negi, Jm आयकरअपीलसं./ I.T.A. No. 384/Mum/2015 (निर्धारणवर्ा / Assessment Year: 2012-13)

For Appellant: Ms. Arati Vissanji, ARFor Respondent: Shri Awangshi Gimson
Section 10Section 115BSection 143(3)Section 14ASection 44

…the assessee has not computed the profits and gains of its insurance business in accordance with the said rules. Reliance was placed on the scope of s. 144, as held in the case of General Insurance Corporation of India v. CIT [1999] 156 CTR (SC) 425 : [1999] 240 ITR 139 (SC), wherein their Lordships of the apex Court have categorically held that the provisions of s. 44 being a special provision govern computation of taxable income earned from business of insurance. I t mandates the tax authorities to compute the taxable income in respect of insurance business in accordance with the provisions of the First Schedu…

ACIT - 3(2)(2), Mumbai vs. The New India Assurance Co. Ltd., Mumbai

In the result, appeal of the Revenue is dismissed

ITA 5116/MUM/2016[2011-12]Status: DisposedITAT Mumbai06 Nov 2019AY 2011-12

Bench: Shri C.N. Prasad, Hon'Ble & Shri Manoj Kumar Aggarwal, Hon'Blea.C.I.T. – 3(2)(2) V. The New India Assurance Co. Ltd Room No. 674, 6Th Floor New India Building, 87 M.G. Road, Fort Aayakar Bhavan, M.K. Road Mumbai – 400 001 Mumbai – 400 020 Pan: Aaacn4165C (Appellant) (Respondent) Assessee By : Shri Farookh Irani Department By : Shri Sushil Kumar Poddar

For Appellant: Shri Farookh IraniFor Respondent: Shri Sushil Kumar Poddar
Section 10Section 10(38)Section 115JSection 143(3)Section 14ASection 37

…ear 2004-05 which held that diminution or appreciation of any value of assessment will not be taken into account while computing the total income of the Respondent-Assessee; (b) The impugned order ignores the binding decision of the Apex Court in GIC v/s. CIT 240 ITR 139; and (c) An identical question in case of GIC v/s. CIT (ITXA No.201 of 2011) has been admitted on 25th February, 2013. Thus, this question requires admission. 6 Mr. Suresh Kumar draws our attention to the order dated 29th July, 2011 passed by the Tribunal in respect of the same Respondent for the Assessment Year 2004-05. The above decision arose…

DCIT (Ltu), New Delhi vs. M/S. the Oriental Insurance Co. Ltd., New Delhi

In the result, the appeal of the revenue is dismissed

ITA 4818/DEL/2016[2010-11]Status: DisposedITAT Delhi22 Oct 2019AY 2010-11
For Appellant: Sh. Tarandip Singh, AdvFor Respondent: Sh. S. S. Rana, CIT DR
Section 115JSection 14ASection 44

…e case of the Revenue that the assessee has not computed the profits and gains of its insurance business in accordance with the said rules. Reliance was placed on the scope of section 44, as held in the case of General Insurance Corpn. of India Vs. CIT (1999) 240 ITR 139 (SC), wherein Their Lordships of the Apex Court have categorically held that the provision of section 44 being a special provision, govern computation of taxable income earned from business of insurance. It mandates the tax authorities to compute the taxable income in respect of insurance business in accordance with the provisions of the First Sc…

JCIT (OSD) 12(1)(1), Mumbai vs. Aegon Life Insurance Co. Ltd(Erstwhile Aegon Life Insurance Co. Ltd), Mumbai

In the result, appeal filed by the revenue for assessment year 2013-2014 is dismissed

ITA 4200/MUM/2018[2013-14]Status: DisposedITAT Mumbai30 Jul 2019AY 2013-14

Bench: Shri G. Manjunatha (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2013-14 The Acit Circle-12(1)(1), Aegon Life Insurance Company Room No. 223, 2Nd Floor, Ltd., Aayakar Bhavan, M.K. Road, Bldg. No. 3, 3Rd Floor, Unit-I Mubmai - 20 Vs. Nesco I.T. Park, W.E. Highway, Goregaon (East), Mumbai - 400063 Pan: Aagca3203J (Appellant) (Respondent) Revenue By : Shri Anadi Varma (Cit Dr) Assessee By : Shri Niraj Sheth (Ar) Date Of Hearing: 23/07/2019 Date Of Pronouncement: 30/07/2019

For Appellant: Shri Niraj Sheth (AR)For Respondent: Shri Anadi Varma (CIT DR)
Section 10Section 10(34)Section 143Section 14ASection 44

…the assessee has not computed the profits and gains of its insurance business in accordance with the said rules. Reliance was placed on the scope of s. 144, as held in the case of General Insurance Corporation of India v. CIT [1999] 156 CTR (SC) 425 : [1999] 240 ITR 139 (SC), wherein their Lordships of the apex Court have categorically held that the provisions of s. 44 being a special provision govern computation of taxable income earned from business of insurance. It mandates the tax authorities to compute the taxable income in respect of insurance business in accordance with the provisions of the First Schedul…

DCIT (Ltu), New Delhi vs. M/S the Oriental Insurance Co. Ltd., New Delhi

ITA 3839/DEL/2016[2008-09]Status: DisposedITAT Delhi27 May 2019AY 2008-09

Bench: Hon’Ble, Shri G.D. Agrawal & Shri Kuldip Singh

For Appellant: Shri Tarandeep Singh, CAFor Respondent: Smt. Paramita M. Biswas, CIT DR
Section 14ASection 44

…e case of the Revenue that the assessee has not computed the profits and gains of its insurance business in accordance with the said rules. Reliance was placed on the scope of section 44, as held in the case of General Insurance Corpn. of India Vs. CIT (1999) 240 ITR 139 (SC), wherein Their Lordships of the Apex Court have categorically held that the provision of section 44 being a special provision, govern computation of taxable income earned from business of insurance. It mandates the tax authorities to compute the taxable income in respect of insurance business in accordance with the provisions of the First Sc…

ACIT, New Delhi vs. M/S. Oriental Insurance Co. Ltd., New Delhi

In the result appeal filed by revenue stands dismissed

ITA 6025/DEL/2015[2007-08]Status: DisposedITAT Delhi27 Feb 2019AY 2007-08

Bench: Smt. Beena A Pillai & Shri Prashant Maharishiay: 2007-08

For Appellant: : Sh. Tarandeep Singh, AdvFor Respondent: Sh. J.K. Mishra, CIT, D.R
Section 115JSection 14A

…d by the assessee. Such ‘loss’ can neither be considered an expenditure’ nor an ‘allowance’. We find support in this view from the judgment of Hon’ble Supreme Court in the case of General Insurance Corporation of India vs. CIT (1999) 156 CTR (SC) 425 : (1999) 240 ITR 139 SC). In that judgment Hon’ble Supreme Court held that ‘spending’ in the sense of ‘paying out or away’ of money is the primary meaning of expenditure’. ‘Expenditure’ is what is paid out or away and is something which is gone irretrievably. In that case, Hon’ble Supreme Court held : that certain amounts set apart which is treated to be an expenditu…

DCIT (Ltu), New Delhi vs. M/S. the Oriental Insurance Co. Ltd., New Delhi

ITA 485/DEL/2016[2011-12]Status: DisposedITAT Delhi25 Feb 2019AY 2011-12

Bench: Hon’Ble, Shri G.D. Agrawal & Shri Kuldip Singh

For Appellant: Shri Tarandeep Singh, AdvocateFor Respondent: Shri Amit Katoch, Senior DR
Section 143Section 14ASection 44

…e case of the Revenue that the assessee has not computed the profits and gains of its insurance business in accordance with the said rules. Reliance was placed on the scope of section 44, as held in the case of General Insurance Corpn. of India Vs. CIT (1999) 240 ITR 139 (SC), wherein Their Lordships of the Apex Court have categorically held that the provision of section 44 being a special provision, govern computation of taxable income earned from business of insurance. It mandates the tax authorities to compute the taxable income in respect of insurance business in accordance 5 ITA No.485/Del./2016 with the p…

DCIT 1(3), Mumbai vs. The New India Assurance Co.Ltd, Mumbai

In the result all the appeals of the assessee and Revenue are allowed in part in terms indicated hereinabove

ITA 4475/MUM/2013[2008-09]Status: DisposedITAT Mumbai08 Oct 2018AY 2008-09

Bench: Shri R.C.Sharma, Am & Shri Amarjit Singh, Jm

Section 143(3)Section 44Section 69Section 69B

…is meaning is lo be given to the word "expenditure" occurring in rule 5(a) the amortization claim cannot be considered as expenditure and, therefore, cannot be added back to the balance of the profits. In General Insurance Corporation (of India vs. CJT (1999) 240 ITR 139 (SC). the Supreme Court held that even if an item of debit is considered as an expenditure, it should further be such an expenditure contemplated in sections 30 to 43A and, therefore, unless there was a specific prohibition for such an allowance, the departmental authorities would not be justified in. adding back the amount under rule 5(a\., Ther…

ACIT 3(1)(2), Mumbai vs. General Insurance Corporation of India, Mumbai

In the result, appeal filed by the Revenue is treated as partly allowed

ITA 5008/MUM/2015[2011-12]Status: DisposedITAT Mumbai03 Aug 2018AY 2011-12

Bench: S/Shri B.R.Baskaran (Am) & Amarjit Singh (Jm)

Section 10Section 10(38)Section 14ASection 199Section 28Section 44

…ains of its insurance business 5 M/s. General Insurance Corporation of India in accordance with the said rules. Reliance was placed on the scope of s. 144, as held in the case of General Insurance Corporation of India v. CIT [1999] 156 CTR (SC) 425 : [1999] 240 ITR 139 (SC), wherein their Lordships of the apex Court have categorically held that the provisions of s. 44 being a special provision govern computation of taxable income earned from business of insurance. It mandates the tax authorities to compute the taxable income in respect of insurance business in accordance with the provisions of the First Schedul…

DCIT Cir 3(1), Mumbai vs. Export Credit Guarantee Corporation of India Ltd, Mumbai

In the result, appeal of the Revenue is dismissed

ITA 5403/MUM/2014[2006-07]Status: DisposedITAT Mumbai31 Jul 2018AY 2006-07

Bench: Shri C.N. Prasad & Shri Rajesh Kumarassessment Year: 2006-07

For Appellant: Shri S. Venkatraman, A.RFor Respondent: Shri Rajesh Damor, D.R

…le under the provisions of sections 30 to 43B in computing the profits and gains of a business shall be added 7 M/s. Export Credit Guarantee Corporation of India Ltd. back." 6.7 The Hon'ble Supreme Court in the case of General Insurance Corporation vs. CIT (240 ITR 139) has also interpreted the above clause as permitting an adjustment to an expenditure or allowance which is not admissible under Sec.30 to 43B of the Act. 6.8 The provision for estimation in the recovery of claims paid is not an expenditure which is inadmissible under the provisions of Sec. 30 to 43B of the IT. Act, 1961. Rather is an item of inc…