No TDS on Reinsurance Payments; Insurance Companies Not Liable for MAT: Madras HC

PCIT-4 Vs Cholamandalam MS General Insurance Company Ltd. (Madras High Court) In PCIT-4 Vs Cholamandalam MS General Insurance Company Ltd., the Madras High Court disposed of 16 appeals filed by the Revenue concerning Assessment Years 2005–06 to 2014–15, arising from a common order of the Income Tax Appellate Tribunal dated 26.08.2022. The appeals involved multiple substantial questions of law relating to tax deduction at source (TDS), taxability of payments to non-residents, profit on sale of investments, depreciation, applicability of Section 14A, MAT under Section 115JB, and disallowance...