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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 ..... is Court in the matter of Cholamandalam General Insurance Company Ltd [ 2019 (2) TMI 335 - MADRAS HIGH COURT] 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. We are informed that the matters are pending before the Tribunal pursuant to the order of this Hon'ble High Court in [ 2019 (2) TMI 335 - MADRAS HIGH COURT] . We are thus inclined to remit the matter back to the Tribunal, issuing the very same directions and directing the Tribunal to examine the above aspects in these appeals as well. Disallowance u/s 14A in computatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re 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 computing income of an Insurance Company, in view of Section 44 of the Income Tax Act, 1961? (c) Whether the profits on sale of investments is exempted under Income Tax Act, 1961? (d) Whether the exemption under Section 10(23G) of Incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat 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) was right in rejecting partially the appeal filed by the assessee? and (iii) Whether the Commissioner of Income-Tax (Appeals) was justified in restricting the claim of the assessee to 15 percent instead of confirming the order passed by the Assessing Officer? 3. We are informed that the matters are pending before the Tribunal pursuant to the order of thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 learned counsel for the appellant and the respondent have submitted that the matter may be remitted to the Tribunal to re-examine the issue in the light of the order of the Division Bench of this Court in the matter of United India Insurance Co. reported in [2019] 111 taxmann.com 217 (Madras ). Though the question of disallowance of exemption under Section 10(23G) of the Income Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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