https://www.taxtmi.com/caselaws?id=773375 HC ruled in favor of the assessee on multiple issues concerning a general insurance company. The court held that profit/loss on sale of investments prior to April 1, 2011 was not subject to disallowance under regulatory provisions. MAT provisions were inapplicable as insurance companies follow IRDA guidelines rather than Companies Act Schedule VI. Commission on reinsurance was treated as discount rather than taxable income. TDS provisions under Section 40(a)(i) were not applicable to payments made to foreign surveyors as services were not taxable in India absent permanent establishment. Depreciation on UPS was allowed at 60%. Section 14A disallowance was held inapplicable to insurance business computation scheme. en-us Thu, 09 Jan 2025 00:00:00 +0530 Sat, 21 Jun 2025 08:29:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773375 HC ruled in favor of the assessee on multiple issues concerning a general insurance company. The court held that profit/loss on sale of investments prior to April 1, 2011 was not subject to disallowance under regulatory provisions. MAT provisions were inapplicable as insurance companies follow IRDA guidelines rather than Companies Act Schedule VI. Commission on reinsurance was treated as discount rather than taxable income. TDS provisions under Section 40(a)(i) were not applicable to payments made to foreign surveyors as services were not taxable in India absent permanent establishment. Depreciation on UPS was allowed at 60%. Section 14A disallowance was held inapplicable to insurance business computation scheme. Case-Laws Income Tax Thu, 09 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773375