“Section 10(15)(iv)(h)”
The decision most relied on for Section 10(15)(iv)(h) is Andhra Pradesh in CIT v. Smt. Nayana P. Dedhia (270 ITR 572), cited in 82 judgments on BharatTax.
Leading authorities on Section 10(15)(iv)(h)
Guidelines issued by the Central Board of Direct Taxes (CBDT) under Section 119 of the Income Tax Act, which relax the rigour of law, are binding on all income tax officers responsible for implementing the Act, who must follow these orders and instructions.
CBDT administrative instructions and circulars are binding on income tax authorities and departmental officers, who must follow them during the assessment process and cannot act in contravention, even though these instructions are not binding on courts or assessees.
The selection of cases for scrutiny must be completed within the time prescribed by CBDT instructions. The department is bound by its own standards and cannot act with discrimination or selectively apply them.
Exemptions under Section 10 of the Income Tax Act are available to general insurance companies.
A taxpayer can raise additional claims before appellate authorities, even if not raised during assessment or in a revised return. The Assessing Officer must examine eligibility criteria for claims based on facts available in audited accounts.
Payments made to non-resident reinsurers without deducting tax at source may be disallowed under Section 40(a)(i) if they are considered in violation of the Insurance Act, 1938.
