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<h1>Insurance business taxation issues on section 44, TDS, depreciation, MAT and consistency left undisturbed by the Supreme Court.</h1> Tax treatment of a general insurance business was examined in relation to profit on sale of investments under section 44 and Rule 5 of the First Schedule, ... Profit on sale of investments by non-life insurance companies - computation of profits of insurance business u/s 44 and Rule 5 of the First Schedule - application of Section 14A to insurance companies - liability to deduct tax at source on payments to non-resident surveyors - liability to deduct tax at source on reinsurance premiums ceded to non-resident reinsurers - disallowance u/s 40(a)(i) for non-deduction of tax - depreciation rate on UPS as integral part of computer - applicability of minimum alternate tax / Section 115JB to insurance companies - rule of consistency in departmental assessments - Assessee carrying on a general insurance business - HELD THAT:- Special Leave Petitions were dismissed with no interference in the impugned judgment and order of the High Court.[2025 (6) TMI 1488 - MADRAS HIGH COURT] Outcome: Special Leave Petitions dismissed [No detailed order].
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