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TMI Blog2021 (11) TMI 1200X X X X Extracts X X X X X X X X Extracts X X X X ..... l assisted by Ms. V. Pushpa, Junior Standing Counsel. JUDGMENT MOHAMMED SHAFFIQ, J. This is a batch of six appeals, out of which 4 appeals are filed by M/s Royal Sundaram General Insurance Co. Ltd and the other two appeals are filed by M/s Cholamandalam MS General Insurance Co. Ltd. challenging the orders of the Income Tax Appellate Tribunal thereby raising to the following issues/questions viz., (a) Whether the payments of reinsurance premium made by the appellant to non-resident re-insurers is to be disallowed under Section 37 read with Explanation 1 of the Act on the ground that the same is prohibited under the Insurance Act, 1938. (b) Whether the deductions under Section 14A of the Income Tax Act, 1961 stands excluded while com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncerned, it is submitted by both the counsels that the above question was considered by this Court in the matter of Cholamandalam General Insurance Company Ltd Vs Deputy Commissioner of Income-Tax, Large Tax payer unit and others reported in [2019] 411 386 (Mad), wherein after finding that no inference could be drawn as done by the Tribunal therein, that there can be a bar or prohibition under the Insurance Company Act, which prohibits ceding with foreign reinsurance outside India, remanded the matter back to the Tribunal to take a decision on the following aspects: (i) Whether the Assessing Officer was right in dis-allowing the re-insurance premium under Section 40(a)(i) of the Act? (ii) Whether the Commissioner of Income-Tax (Appeals) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Act, 1961 stands excluded while computing the Income Tax of an Insurance Company, in view of the non-obstante clause contained in Section 44 of Income Tax Act, 1961, the questions of law stand decided against the assessee. 6. The third issue, whether the profit on sale of investments by the appellant company is exempted, stands resolved by the decision of this Court in the matter of Commissioner of Income Tax Vs. United India Insurance Co. reported in [2019] 111 taxmann.com 217 (Madras ). It is submitted by the Revenue that the above matter has been challenged before the Supreme Court by way of a special leave petition in S.L.P (Civil) Dairy No. 5280 of 2020 and the same is tagged with Civil Appeal No. 7681 of 2019. 7. The le ..... X X X X Extracts X X X X X X X X Extracts X X X X
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