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TMI Blog2013 (11) TMI 116X X X X Extracts X X X X X X X X Extracts X X X X ..... ower authorities - matter remanded back for de novo disposal in accordance with law after giving the assessees reasonable opportunity of being heard. - IT Appeal Nos. 1622 to 1630 (Mds.) of 2011 & Others, C.O. NO. 150 (Mds.) of 2011 - - - Dated:- 9-5-2012 - Dr. O.K. Narayanan And Challa Nagendra Prasad, JJ. R. Vijayaraghavan, G. Sitaraman and S. Sundararaman for the Appellant. Shaji P. Jacob for the Respondent. ORDER 1. This is a bunch of 56 appeals and one cross objection. Both the Revenue and the assessees have filed appeals. The assessees are general insurance companies, namely, M/s. Royal Sundaram Alliance Insurance Company Limited; M/s. Cholamandalam MS General Insurance Company Limited and M/s. United India In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the appeals filed by the assessees. Another common issue raised is that of treating the unexpired premium reserve as income. In the case of M/s. Cholamandalam MS Insurance Company Limited the above two issues are involved. 10. In the case of M/s. Royal Sundaram Alliance Insurance Company Limited, in addition to the above stated common grounds, issues like disallowance of depreciation, unexplained expenditure, unexplained investment, profit on sale of investment, etc. are also involved. 11. In the case of United India Insurance Company Limited, in addition to the common issues, there are also grounds relating to disallowance made under section 40(a)(i) and other grounds, etc. 12. In short, all the three assessees have raised common gr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de. As TDS was not made, disallowance was made under section 40(a)(i) of the Act. The Commissioner of Income-tax(Appeals) also held that even the brokers, through whom payments were made, do not have any permanent establishment in India, such payments are not taxable in the hands of the non-resident companies. 15. Detailed paper-books have been filed in the cases of M/s. Royal Sundaram Alliance Insurance Company Limited and M/s. Cholamandalam MS General Insurance Company Limited. Details of reinsurance premium ceded to non-resident insurance companies, profit margin of the assessee companies, explanation on the concept of unexpired risk reserve, etc. have been furnished. They have also placed on record the Double Tax Avoidance Agreements ..... X X X X Extracts X X X X X X X X Extracts X X X X
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