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TMI BlogAllowable deduction u/s 37(1) - disallowance of reinsurance premium payment made to non-resident...Allowable deduction u/s 37(1) - disallowance of reinsurance premium payment made to non-resident reinsurers who do not have a place of business / branch in India - the reinsurance premium paid by the assessee to foreign reinsurers outside India who do not have any business presence in India, was permitted in law and was permitted activity under the insurance Act 1938 and IRDA - it could be safely concluded that the payment of reinsurance premium by the assessee to foreign reinsurers could not be construed as payment made in violation of provisions of Insurance Act and IRDA regulations. - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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