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2015 (3) TMI 972 - AT - Income TaxKeyman insurance premium - Disallowance u/s 37 - Genuineness of an expense - Held that:- The assessee's case fails on the basis of an inability to discharge the onus to exhibit that the impugned expenditure stood incurred wholly and exclusively for the purposes of his business, which constitutes the primary condition for deduction under section 37(1), i.e., on facts. On the contrary, for the various reasons cited, its genuineness is in serious doubt. We, accordingly, in view of the foregoing, find no merit in the assessee's case, and dismiss its relevant grounds. - Decided against assessee.
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