https://www.taxtmi.com/caselaws?id=421605 Reinsurance premium paid to non-resident reinsurers without a place of business or branch in India was not treated as prohibited by the Insurance Act, so disallowance under section 37(1) could not be made. The same payment was not chargeable to tax in India where the recipient had no taxable presence, so no withholding obligation arose and section 40(a)(i) did not apply. For insurance business income, Rule 5 of the First Schedule was read with section 32 so that statutory depreciation, and related consequential claims, could not be denied absent clear legislative prohibition; TDS credit remained subject to verification. en-us Mon, 25 Apr 2022 00:00:00 +0530 Wed, 27 Apr 2022 10:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421605 Reinsurance premium paid to non-resident reinsurers without a place of business or branch in India was not treated as prohibited by the Insurance Act, so disallowance under section 37(1) could not be made. The same payment was not chargeable to tax in India where the recipient had no taxable presence, so no withholding obligation arose and section 40(a)(i) did not apply. For insurance business income, Rule 5 of the First Schedule was read with section 32 so that statutory depreciation, and related consequential claims, could not be denied absent clear legislative prohibition; TDS credit remained subject to verification. Case-Laws Income Tax Mon, 25 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421605