https://www.taxtmi.com/caselaws?id=371196 The Tribunal partly allowed the appeals filed by both the Revenue and the assessee. The re-insurance premium paid to non-resident companies was disallowed under Section 40(a)(i) of the Income-tax Act. The reopening of assessments for certain years was set aside due to lack of new material. The provision for claims incurred but not reported was disallowed as the compensation was not determined. Section 14A disallowance was set aside as it does not apply to insurance companies. Profit on the sale of investments was taxed as the relevant rule was not in effect. 60% depreciation on UPS was allowed. Exemption under Section 10(23G) was disallowed, and additions while computing book profit were set aside under Section 115JB. en-us Tue, 31 Jul 2018 00:00:00 +0530 Fri, 30 Nov 2018 07:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371196 The Tribunal partly allowed the appeals filed by both the Revenue and the assessee. The re-insurance premium paid to non-resident companies was disallowed under Section 40(a)(i) of the Income-tax Act. The reopening of assessments for certain years was set aside due to lack of new material. The provision for claims incurred but not reported was disallowed as the compensation was not determined. Section 14A disallowance was set aside as it does not apply to insurance companies. Profit on the sale of investments was taxed as the relevant rule was not in effect. 60% depreciation on UPS was allowed. Exemption under Section 10(23G) was disallowed, and additions while computing book profit were set aside under Section 115JB. Case-Laws Income Tax Tue, 31 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371196