May 2019

Section 37 and Insurance Act, 1938 Business expenditure Disallowance Payments prohibited by law Effect of Explanation 1 to section 37 Reinsurance payments to non-residents Not prohibited by law Deduction allowable

K. B. Bhujle
Advocate

8. Cholamandalam MS General Insurance Co. Ltd. vs. Dy. IT; 411 ITR 386 (Mad): Date of order: 12th December, 2018 A.Y.: 2009-10

 

Section 37 and Insurance Act, 1938 Business expenditure Disallowance Payments prohibited by law Effect of Explanation 1 to section 37 Reinsurance payments to non-residents Not prohibited by law Deduction allowable

 

The legal issue in this appeal before the High Court relates to disallowance of reinsurance premium ceded to non-resident reinsurers. The assessee has raised the following substantial questions of law for consideration:

 

i)   Whether the ITAT erred in deciding the validity of reinsurance ceded to the non-resident reinsurers when such issue was not even raised before it by either the Department or the appellant?

ii)   Whether the ITAT erred in holding that the IRDA (General In

--->

Past Issues

Flip-Book
HTML View
Current Issue