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TMI Blog2022 (4) TMI 1011X X X X Extracts X X X X X X X X Extracts X X X X ..... cordance with the extant rules. Since, the date of hearing of the appeal is announced in the open court in presence of both the parties, issuance of separate notice for hearing to the parties is dispensed with. As regards the impugned demand, the Assessing Officer may pursue the assessee for paying a part of the demand. However, no coercive action shall be taken by the Assessing Officer for recovery of the demand till the date of hearing of the appeal, i.e., 28.04.2022. It is made clear, in case of any unnecessary adjournment being sought by the assessee, the interim protection granted to the assessee will be vacated and the assessee will also lose the benefit of early hearing of appeal. - S.A. No.87/Del/2022 [Arise out of ITA No.439/D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in that proportion. In other words, with reinsurance, the insurance company passes on a part of its own insurance liability to the reinsurance company. Thus, he submitted, the assessee does not have any direct access or contact with the policy holders of the insurance company. 3. Drawing our attention to section 194D of the Act, learned counsel for the assessee submitted, the provision is applicable only in respect of commission paid to solicit or procure insurance business. He submitted, the assessee neither solicited nor procured any insurance business. He submitted, what the assessee receives from the insurance company towards reinsurance commission is not a commission in strict sense of the term, but, in the nature of compensation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal in case of United India Insurance Co. Ltd. Vs. JCIT, which stands reversed by the Hon ble Madras High Court. Thus, learned counsel for the assessee urged for absolute stay on recovery of the demand, since according to him, the issue in dispute is squarely covered in favour of the assessee by various judicial precedents. Further, he submitted, the assessee is prepared and ready to argue the issue on merits, hence, requested for fixation of the corresponding appeal on out of turn basis. 5. Opposing grant of absolute stay, learned Departmental Representative submitted, let the assessee be directed to pay 20% of the outstanding demand. 6. We have considered rival submissions and perused the materials on record. It is evident, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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