Insurance company wins on investment losses, MAT provisions, TDS disallowance, and reinsurance premium deductions under Sections 115JB, 40(a)(i), and 14A.

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....HC ruled in favor of the assessee on multiple taxation issues affecting general insurance companies. Regarding profit on sale of investments, the court held that prior to April 1, 2011, no provision required revenue to disallow deduction of investment losses, following SC precedent in United India Insurance Co. On MAT provisions under Section 115JB, HC determined insurance companies prepare accounts per IRDA guidelines, not Companies Act Schedule VI, making MAT inapplicable. Commission on reinsurance was treated as discount on premium rather than taxable commission. TDS disallowance under Section 40(a)(i) for overseas surveyor payments was rejected as payments were not taxable in India absent permanent establishment. Depreciation on UPS was.........