Assessee had made payment to its AE for providing reinsurance business without deducting tax at source ■■■

IT/ILT : Assessment order passed by Assessing Officer in case of assessee engaged in general insurance business after making detailed inquiries could not be revised on ground that assessee had made payment to its AE for providing reinsurance business without deducting tax at source
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[2014] 52 taxmann.com 471 (Mumbai - Trib.)
IN THE ITAT MUMBAI BENCH 'L'
ICICI Lombard General Insurance Co. Ltd.
v.
Assistant Commissioner of Income-tax, Range-10 (1), Mumbai*
D. MANMOHAN, VICE-PRESIDENT
AND N.K. BILLAIYA, ACCOUNTANT MEMBER
IT APPEAL NO. 5777 (MUM.) OF 2011
[ASSESSMENT YEAR 2005-06]
NOVEMBER  14, 2014
Section 9, read with sections 195 and 263, of the Income-tax Act, 1961 and article 7 of the DTAA between India and Singapore - Income - Deemed to accrue or arise in India (Business profits) - Assessment year 2005-06 - Whether where in case of assessee, engaged in general insurance business, Assessing Officer completed assessment under section 143(3) after making detailed enquiries, assessment order so passed could not be set aside by Commissioner in exercise of revisional power on ground that assessee had made payment to its AE for providing reinsurance business without deducting tax at source and thus said payment was liable to be disallowed - Held, yes [In favour of assessee]
Circulars and Notifications : Circular No. 759, dated 18-11-1997 and Circular No. 10, dated 9-10-2002