https://www.taxtmi.com/caselaws?id=467295 Provisions for IBNR/IBNER supported by actuarial certification and regulatory guidelines are treated as ascertainable liabilities and held allowable under section 37(1). Payments to non-resident reinsurers without a place of business in India were not treated as prohibited or taxable in India for withholding purposes, so Explanation 1 consequences and disallowance under withholding provisions did not apply. Various computation adjustments-including reversals, depreciation, exemptions for STT-subject long-term gains, and application of computation rules-were allowed or remitted for factual verification, with revised return under section 139(5) accepted and LTIP provisioning remitted to the assessing officer for 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 Provisions for IBNR/IBNER supported by actuarial certification and regulatory guidelines are treated as ascertainable liabilities and held allowable under section 37(1). Payments to non-resident reinsurers without a place of business in India were not treated as prohibited or taxable in India for withholding purposes, so Explanation 1 consequences and disallowance under withholding provisions did not apply. Various computation adjustments-including reversals, depreciation, exemptions for STT-subject long-term gains, and application of computation rules-were allowed or remitted for factual verification, with revised return under section 139(5) accepted and LTIP provisioning remitted to the assessing officer for verification. Case-Laws Income Tax Wed, 30 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467295