A specific exception to applicability of S. 28 to S.43B in insurance business, purpose therefore though insurance company is entitle to exemption u/s 10(34) , however S.14A cannot be invoked to disallow the expenditure . (AY .2010 – 2011)
Max New York Life Insurance Co. Ltd. v. Dy. CIT (2018) 191 TTJ 897/ 171 DTR 209 (Delhi)(Trib.)
S.44 : Insurance business – Insurance company is entitle o exemption u/s 10(34) , however S.14A cannot be invoked to disallow the expenditure . [ S.10(34), 14A ]