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Survey fees paid to NR for assessing only damages in transit of goods to Foreign Country not taxable as FTS

October 8, 2018[2018] 97 taxmann.com 644 (Chennai - Trib.)
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IT/ILT: Payment to non-resident surveyors who reported only extent of damage to insured goods not taxable as FTS

IT: Where insurance company, in order to distribute risk, entered into re-insurance contract with non-resident re-insurance companies in violation and contrary to provisions of Insurance Act, 1938, entire re-insurance premium paid by assessee was to be disallowed

IT: In case of assessee-insurance company, liability to make payment accrued only in year in which loss or damage was ascertained and compensation payable to insured person was determined and, thus, merely because incident happened during relevant year, could not be a reason for allowing compensation payable by assessee

IT: EPABX being a telecommunication exchange which receives voice signal from one end and transmitting same to other end, cannot be equated with computer system and, thus, it was not eligible for depreciation at higher rate of 60 per cent

IT: 0.1 per cent of gross premium from motor vehicle insurance paid to Government in form of solatium fund as per recommendation of General Insurance Council meeting, was to be allowed as deduction

IT: Since applicability of provisions of Schedule VI of Companies Act was excluded in respect of insurance companies, provisions of section 115JB which enables companies to compute book profit, is not applicable to insurance companies

IT: In view of Rule 5(a) of First Schedule, expenditure which is not for insurance business cannot be allowed; disallowance made by AO under sec. 14A was to be confirmed

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