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2015 (8) TMI 1194 - AT - Income TaxPremium paid on Keyman Insurance - disallowance of excess premium and added to the income - CIT(A) following his predecessors order in assessee’s own case for A.Y. 06-07 decided the issue in favour of Assessee - Held that:- CIT(A) while granting the relief has noted that the premium paid in the current financial year was the second installment and the first installment of premium paid in A.Y. 05-06 by the Assessee has been accepted and not disputed by Revenue. Before us, the Revenue could not controvert the findings of CIT(A), nor could he bring any decision of High Court in its support. We also find that the Hon. Bombay High Court in the case of CIT vs. B.N. Exports (2010 (3) TMI 186 - BOMBAY HIGH COURT) has held that premium on the Keyman Insurance Policy of partner of the firm is wholly and exclusively for the purposes of business and is allowable as business expenditure. In view of the aforesaid facts, we find no reason to interfere with the order of CIT(A) and thus this ground of Revenue is dismissed. - Decided in favour of assessee.
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