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2012 (6) TMI 544 - HC - Income TaxKeyman Insurance Policy - premium paid for the partners was a revenue expenditure deductible under Section 37 or not - Held that:- In computing the total income of a previous year of any person as per Section 10(10)D any sum received under a Keyman insurance policy is not to be included - "Keyman insurance policy" means a life insurance policy taken by a person on the life of another person who is or was the employee of the first-mentioned person or is or was connected in any manner whatsoever with the business of the first-mentioned person and going through the Explanation given in the said section the partner definitely comes within the purview of the person who is connected with in any manner whatsoever with the business of the firm - The premium paid on the Keyman Insurance Policy is allowed as business expenditure as the amendment had taken effect from October 1, 1996 - in favour of assessee.
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