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Applicability of section 194D of IT Act in case of a reinsurance company paying commission to insurance companies
Case Law Details
- Case Name
- General Insurance Corporation of India Vs. ACIT (TDS) [ITAT Mumbai]
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2004- 2005
- Courts
- ITAT Mumbai
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RELEVANT PARAGRAPHS:
32. In order to attract section 194D, the commission or any other payment covered under the section should be a remuneration or reward for soliciting or procuring the insurance business. The insurance companies do not procure business for the assessee company nor does the assessee company pay commission or other payment for soliciting the business from the insurance companies. The language of section 194D clearly indicates that ordinarily there would be three parties involved in the payment of commission or other payments as remuneration or reward for so...
