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2013 (11) TMI 1655 - HC - Income TaxRevision u/s 263 - deductions for premium paid on Keyman Insurance Policies - CIT exercising power under Section 263 held that deduction could not be allowed on premium paid to secure the lives of parties. The ITAT has set aside this order - Held that:- Similar issue is allowability of premium paid on lives of partners under Keyman Insurance Policy arose before the Hon’ble Bombay High Court in CIT Vs. B.N. Exports [2010 (3) TMI 186 - BOMBAY HIGH COUR] and the said expenditure has been allowed. In view of the above said judicial precedents on the issue, the order of the Assessing Officer in allowing the claim of the assessee was a plausible view and the said view is not open for review by the CIT by way of invoking the jurisdiction under section 263 of the Act
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