Held that payment of re-insurance premium foreign insurers. Foreign Insurance company has no business or branch in India. No violation of provisions of Insurance Act hence provision of Explanation 1 to section 37 is not applicable. (AY. 2015-16)
Tata AIG General Insurance Co.Ltd v. Dy. CIT(2023) 224 TTJ 724 /(2022)) 141 taxmann.com 70 (Mum)(Trib)
S.37(1): Business expenditure-Payment of re-insurance premium foreign insurers-Foreign Insurance company has no business or branch in India-No violation of provisions of Insurance Act-Provision of Explanation 1 to section 37 is not applicable. [ S. 37(1), Explanation, Insurance Act, 1838]