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2011 (11) TMI 446 - AT - Income TaxBusiness expenditure - deduction of Keyman Insurance premium paid on the life of partner – Held that:- CIT(A) has rightly deleted the addition made on this ground, stating that the expenditure incurred by the assessee, which is a partnership firm, in paying the premium for a Keyman insurance policy obtained by the firm on the life of its partner must be regarded as expenditure incurred wholly and exclusively for the business of the firm. See CIT v. B. N. Exports (2010 (3) TMI 186 - BOMBAY HIGH COURT) – Also see ITO, Ward 21(3)(3) Versus Modi Motors [2008 (12) TMI 437 - ITAT MUMBAI] Decided against revenue.
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