https://www.taxtmi.com/caselaws?id=467295 For a general insurance business, actuarially determined IBNR and IBNER provisions, and reinsurance premium paid to foreign reinsurers, were treated as allowable deductions, with no disallowance under section 40(a)(i) where the payment was not chargeable to tax in India. The article also notes that section 10(38) exemption was applied to gains on listed investments, and such profits were not to be recharacterised as business income merely because the assessee was an insurer. A revised return filed within time under section 139(5) was accepted for correcting omissions and wrong statements, and insurance-computation claims such as reversal of earlier disallowances, UEPR, bonus, leave encashment, depreciation, 80JJAA and rent equalisation were generally allowed subject to limited verification. en-us Wed, 30 Oct 2024 00:00:00 +0530 Thu, 12 Mar 2026 15:42:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467295 For a general insurance business, actuarially determined IBNR and IBNER provisions, and reinsurance premium paid to foreign reinsurers, were treated as allowable deductions, with no disallowance under section 40(a)(i) where the payment was not chargeable to tax in India. The article also notes that section 10(38) exemption was applied to gains on listed investments, and such profits were not to be recharacterised as business income merely because the assessee was an insurer. A revised return filed within time under section 139(5) was accepted for correcting omissions and wrong statements, and insurance-computation claims such as reversal of earlier disallowances, UEPR, bonus, leave encashment, depreciation, 80JJAA and rent equalisation were generally allowed subject to limited verification. Case-Laws Income Tax Wed, 30 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467295