Disallowance of expenditure under Section 14A: Applicability to Insurance business

Case: Max Life Insurance Company Ltd vs. Dcit, Circle- 1, Ltu Outcome: Assessee Facts The Assessee had claimed an exemption of dividend income under section 10(34) and claimed a deduction of expenditure incurred in order to earn the same.However, the Assessing Officer did not allow the claim of exemption under section 10(34) to the Assessee and also disallowed the claim of expenditure against the same … Continue reading Disallowance of expenditure under Section 14A: Applicability to Insurance business