https://www.taxtmi.com/caselaws?id=40198 SC allowed the appeal, holding that the reinsurance receipts were received in India in convertible foreign exchange lawfully through the Reserve Bank of India and not income generated in India or non-convertible receipts. The Court found that retaining the fee for technical services and remitting the balance to foreign reinsurers satisfied the requirements of section 80-O. It declared the Central Board of Direct Taxes' March 11, 1986 decision declining approval of the appellant's agreements to be improper and illegal, and directed the respondent to process the agreements consistent with the Court's principles. en-us Wed, 30 Oct 1996 00:00:00 +0530 Tue, 14 Oct 2025 18:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40198 SC allowed the appeal, holding that the reinsurance receipts were received in India in convertible foreign exchange lawfully through the Reserve Bank of India and not income generated in India or non-convertible receipts. The Court found that retaining the fee for technical services and remitting the balance to foreign reinsurers satisfied the requirements of section 80-O. It declared the Central Board of Direct Taxes' March 11, 1986 decision declining approval of the appellant's agreements to be improper and illegal, and directed the respondent to process the agreements consistent with the Court's principles. Case-Laws Income Tax Wed, 30 Oct 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40198