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2016 (9) TMI 592 - AT - Income TaxAddition on account of inflation of purchase price of 1.60 lakh equity shares - Held that:- The transactions of sale-purchase was duly recorded in the books of account of the respective parties, the allegation by the Assessing Officer that the off market transactions cannot be accepted under SCRA is factual incorrect relating in the aforesaid appellate order. We also find that the exception has been provided in the SCRA Act under section 14(2) of the SCRA Act - Decided against revenue Addition made on account of payment made for Keyman’s Insurance Policy (KIP for short) for the director - AO disallowed the payment of KIP premium on the ground that the directors of assessee-company are not actively engaged in the day-to-day affairs - Held that:- On a bare reading, we find that said Section 10(10D) Explanation-I requires the connection between the assessee and person to be covered under insurance. It is not necessary that he should be aware of all the affairs of business of assessee. In view of above, we find no reason to interfere in the order of Ld. CIT(A) in deleting the addition - Decided against revenue
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