https://www.taxtmi.com/caselaws?id=369130 Re-insurance premium paid to non-resident re-insurers was treated as disallowable where tax was not deducted, because the payments were viewed as outside the governing insurance framework. Provision for claims incurred but not reported, and claims incurred but not enough reported, was not deductible until the liability had crystallized and the amount payable was determined. The Tribunal also addressed MAT-related and insurance-business adjustments, sustaining some disallowances while holding that section 115JB did not apply to insurance companies. It further accepted several claims, including survey fees paid for services outside India, commission treatment in re-insurance transactions, profit on sale or redemption of investments, and contribution to pension fund, while remanding TDS credit and interest computations for verification. en-us Tue, 28 Aug 2018 00:00:00 +0530 Sun, 21 Oct 2018 08:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369130 Re-insurance premium paid to non-resident re-insurers was treated as disallowable where tax was not deducted, because the payments were viewed as outside the governing insurance framework. Provision for claims incurred but not reported, and claims incurred but not enough reported, was not deductible until the liability had crystallized and the amount payable was determined. The Tribunal also addressed MAT-related and insurance-business adjustments, sustaining some disallowances while holding that section 115JB did not apply to insurance companies. It further accepted several claims, including survey fees paid for services outside India, commission treatment in re-insurance transactions, profit on sale or redemption of investments, and contribution to pension fund, while remanding TDS credit and interest computations for verification. Case-Laws Income Tax Tue, 28 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369130