Disallowance of Insurance Expenses Set Aside Because IRDA Limits Do Not Automatically Bar Tax Deduction

National Insurance Company Limited Vs DCIT (ITAT Kolkata) The appeals before the Income Tax Appellate Tribunal (ITAT), Kolkata concerned four matters relating to Assessment Years (AYs) 2018-19, 2022-23 and 2023-24. These appeals challenged orders passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi under section 250 of the Income-tax Act, 1961. As the issues involved were common or related, the Tribunal heard all the appeals together and disposed of them through a common order. The assessee, a company engaged in the insurance business, filed its ret...