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IN THE HIGH COURT OF JUDICATURE AT MADRAS
Honourable Dr Justice ANITA SUMANTH, G. ARUL MURUGAN
Cholamandalam Ms General Insurance Co. Ltd. – Appellant
Versus
Deputy Commissioner of Income Tax, Chennai – Respondent
| Table of Content |
|---|
| 1. introduction of appeals by insurance companies. (Para 1) |
| 2. substantial questions of law regarding reinsurance premium and taxation. (Para 2) |
| 3. disallowance issues concerning ibnr and ibner. (Para 3 , 4) |
| 4. unanswered questions regarding reinsurance premium. (Para 5 , 6) |
| 5. court's agreement with previous rulings on investment profits. (Para 7 , 8 , 9 , 10) |
| 6. determination of ibnr and ibner provisions. (Para 13 , 19) |
| 7. assessee's claims supported by actuarial principles. (Para 23 , 25) |
| 8. profit on sale of investments in insurance sector. (Para 38 , 39 , 40) |
| 9. judgment favoring the assesses on ibnr and ibner. (Para 46) |
| 10. final conclusions on all substantial questions of law. (Para 52) |
JUDGMENT :
ANITA SUMANTH, J.
1. TC(A) Nos.755 of 2018 and 49, 51 and 52 of 2023 have been filed by Cholamandalam MS General Insurance Co. Ltd and TC(A) No.855 of 2018 has been filed by Royal Sundaram General Insurance Co. Ltd under Section 260A of the INCOME TAX ACT 1961 (Act). The appeals relate to assessment years (AYs) 2009-10 (TC(A) 755 of 2018), 2010-11 (TC(A) No.855 of 2018), 2010-11 (TC(A) No.51 of 2023), 2013-14 (TC(A) No.52 of 2023) and 2014-15 (TC(A) No.49 of 2023).
2. The sub
Court affirmed that provisions related to IBNR and IBNER must adhere to actuarial principles under regulatory frameworks, emphasizing specialized tax treatment for insurance companies as stipulated i....
Remand to Tribunal for re-considering disallowances on reinsurance, claims provisions, and assessments per Insurance Act interpretations.
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