https://www.taxtmi.com/caselaws?id=769179 The Madras HC ruled in favor of the assessee on three key issues regarding insurance business assessment. First, losses on sale of investments were allowed as deductions, following SC precedent in United India Insurance Co. Second, Section 14A disallowance was held inapplicable to insurance companies as Section 44 creates a specialized assessment scheme under First Schedule Rule 5, excluding general business income provisions. Third, provisions for IBNR and IBNER claims were permitted based on actuarial assessments under IRDA regulations. However, the court affirmed the Tribunal's remand regarding disallowed payments to motor vehicle dealers for verification against CESTAT findings. en-us Wed, 16 Apr 2025 00:00:00 +0530 Mon, 21 Apr 2025 08:41:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769179 The Madras HC ruled in favor of the assessee on three key issues regarding insurance business assessment. First, losses on sale of investments were allowed as deductions, following SC precedent in United India Insurance Co. Second, Section 14A disallowance was held inapplicable to insurance companies as Section 44 creates a specialized assessment scheme under First Schedule Rule 5, excluding general business income provisions. Third, provisions for IBNR and IBNER claims were permitted based on actuarial assessments under IRDA regulations. However, the court affirmed the Tribunal's remand regarding disallowed payments to motor vehicle dealers for verification against CESTAT findings. Case-Laws Income Tax Wed, 16 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769179