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. No obligation to deduct tax at source. (AY. 2015-16)
Tata AIG General Insurance Co.Ltd v. Dy. CIT(2023) 224 TTJ 724 /(2022)) 141 taxmann.com 70 (Mum)(Trib)
S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Payment of re-insurance premium foreign insurers-Foreign Insurance company has no business or branch in India-No violation of provisions of Insurance Act-No obligation to deduct tax at source. [ S.9(1)(i), 195]