NATIONAL INSURANCE COMPANY LIMITED,NEW TOWN vs. DCIT, CIRCLE 5(1),, KOLKATA

In the result, the appeal filed by the assessee in ITA No

Bench: Shri George Mathan & Shri Rakesh Mishra

section 40B of the Insurance Act, 1938 which provides for the limitation of expenses of management in the life insurance business and is not applicable to the assessee since the assessee is not into life insurance business and therefore, Rule 40C is applicable: “40B. Limitation of expenses of management in life insurance business. — No insurer shall, in respect of insurance

NATIONAL INSURANCE COMPANY LIMITED,NEW TOWN vs. DCIT, CIRCLE 5(1),, KOLKATA

In the result, the appeal filed by the assessee in ITA No