Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
ITAT resolved multiple grounds of appeal concerning insurance-related tax matters. The Tribunal allowed provisions for IBNR/IBNER claims, holding them as ascertainable liabilities based on empirical data rather than contingent liabilities. Amortization of premium paid on securities was decided in favor of revenue, following prior coordinate bench orders. Regarding reinsurance premium to foreign insurers under Section 40(a)(i), ITAT deleted additions and rejected the 15% restriction on NRR payments. Commission paid to non-resident agents was held non-taxable as no direct payments were made. Survey fees to non-residents were deemed non-taxable reimbursements for services performed outside India with no business connection in India, ruling against revenue's Section 40(a)(ia) disallowance.
ITAT resolved multiple grounds of appeal concerning insurance-related tax matters. The Tribunal allowed provisions for IBNR/IBNER claims, holding them as ascertainable liabilities based on empirical data rather than contingent liabilities. Amortization of premium paid on securities was decided in favor of revenue, following prior coordinate bench orders. Regarding reinsurance premium to foreign insurers under Section 40(a)(i), ITAT deleted additions and rejected the 15% restriction on NRR payments. Commission paid to non-resident agents was held non-taxable as no direct payments were made. Survey fees to non-residents were deemed non-taxable reimbursements for services performed outside India with no business connection in India, ruling against revenue's Section 40(a)(ia) disallowance.
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