Held that neither assessee had any business connection in India as per Explanation 2 to section 9(1) nor did it have any PE in India and, thus, SRSIPL could not be considered as a service/dependent agent PE of assessee. On facts, SRSIPL was not a PE of assessee, and thus, profits earned from re-insurance business could not be brought to tax in India in terms of article 7. (AY. 2014-15)
Swiss Reinsurance Company Ltd. v. DCIT(IT) (2021) 190 ITD 690 (Mum.)(Trib.)
S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection-Re insurance business-Service / dependent-Agreement with Indian subsidiary-DTAA-India-Switzerland. [Art. 5, 7]