https://www.taxtmi.com/caselaws?id=456992 ITAT Chennai upheld CIT(A)'s decision favoring the assessee on two issues. First, reinsurance premium paid to non-resident reinsurers cannot be disallowed under section 40(a)(i) for non-deduction of TDS under section 195, as such reinsurance is not taxable in India under the Income Tax Act or DTAA. Second, following Madras HC precedents in United India Insurance Co. and Cholamandalam MS General Insurance Co., profit on sale of investments by insurance companies is not taxable after deletion of sub-rule (b) of Rule 5 of First Schedule to Income Tax Rules, 1962. en-us Wed, 28 Jun 2023 00:00:00 +0530 Wed, 28 Aug 2024 14:24:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456992 ITAT Chennai upheld CIT(A)'s decision favoring the assessee on two issues. First, reinsurance premium paid to non-resident reinsurers cannot be disallowed under section 40(a)(i) for non-deduction of TDS under section 195, as such reinsurance is not taxable in India under the Income Tax Act or DTAA. Second, following Madras HC precedents in United India Insurance Co. and Cholamandalam MS General Insurance Co., profit on sale of investments by insurance companies is not taxable after deletion of sub-rule (b) of Rule 5 of First Schedule to Income Tax Rules, 1962. Case-Laws Income Tax Wed, 28 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456992