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2022 (1) TMI 960 - AT - Income TaxTaxability of income received from re-insurance business in India - PE in India - business connection in India - income taxable in India - Indo-Swiss Tax Treaty - HELD THAT:- This issue has already been decided in favour of the assessee that “assessee has neither a business connection in India nor it has a PE in India in view of the provisions contained in Explanation 2 to section 9(1) of the Act as well as under the provisions of Indo Swiss Tax Treaty,” the operative part of the order passed by the Coordinate Bench of Tribunal in assessee’s own case for AY 2014-15 [2021 (7) TMI 1018 - ITAT MUMBAI] We are of the considered view that assessee has neither a business connection in India in the light of the Explanation 2 of section 9(1) of the Act nor it have PE in India under the provision of Indo-Swiss Tax Treaty, hence business income of the assessee computed by AO under rule 10 of the I.T. Act to the tune of ₹ 89,94,57,360/- is not sustainable, hence, order to be deleted - Decided in favour of assessee.
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