Home Highlights July 2014 Year 2014 This

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1. Disllowances towards premium of keyman insurance policies - once it has been sold as a life insurance policy on the keyman to the business, as long as it is in the...

2. Disallowance of premium on Insurance Policy - Keyman Insurance Policy - Once the assets are sold, the Keyman policy for the Firm becomes redundant. At the same time, a...

3. Disallowance of premium paid for Keyman Insurance Policies – investment plans with accompanying insurance benefits - cannot be claimed as business expenditure - AT

4. Key Man Insurance Policy - once it has been sold as a life insurance policy on the keyman to the business, as long as it is in the nature of life insurance policy,...

5. Exemption u/s 10(10D) on the maturity value of the Keyman Insurance Policy - Assessee received the amount on maturity of Keyman Insurance Policy after coming into effect...

6. Amount received by the assessee on maturity of the Keyman Insurance Policy - not eligible to claim exemption u/s 10(10D) - Legislature in its own wisdom never intended...

7. Disallowance of payment of premium under “Keyman Insurance Policy – maturity or surrender amount under the Keyman Insurance Policy was not exempted but taxable under...

8. Keyman Insurance Policy - premium paid for the partners - The premium paid on the Keyman Insurance Policy is allowed as business expenditure - HC

9. Exemption u/s 10(10D) - addition of the surrender value of the assigned keyman insurance policy - On the basis of Section 10(10D) of the Act, with its Explanation 1, the...

10. Disallowance of keyman insurance policy of the director of the company paid - The premium paid for keyman insurance policy is allowable to the assessee u/s. 37(1) of the...

11. Key man insurance policy - Taxability of the sums received on maturity of life insurance policy - Assessee claimed it as exempt income u/s 10(10D) - It was contended...

12. Expenses towards Keyman Insurance Premium - rule of consistency - Keyman Insurance policies were taken in the name of directors in pursuance to resolution of the Board -...

13. Taxability of Keyman Insurance Policy - accrual or receipt basis - From the provisions of section 2(24)(xi) read with section 28(vi), it is evident that the amount of...

14. Taxability of amount received from LIC on maturity of key man insurance policies - Insurance company has itself clarified that on assignment, it does not remain a keyman...

15. CENVAT Credit - input services - insurance policy - Credit of service tax paid on insurance policy is admissible when the policy covers the employees and family members...