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2018 (4) TMI 1354 - AT - Income TaxDisallowance of Keyman Insurance Premium paid - rule of consistency - Held that:- When it is a fact on record that the Insurance policies are continuing from the year 2004 and in the preceding assessment years assessee’s claim of deduction in respect of premium paid have been allowed by the Assessing Officer in scrutiny assessments, in the absence of any material change in facts the deduction claimed in respect of premium paid cannot be disallowed in the impugned assessment year, as the rule of consistency must be applied. Keyman Insurance policies were taken in the name of directors in pursuance to resolution dated 24th February 2004 of board of directors and it has also been submitted before us by the learned Counsel for the assessee that the sum assured under the insurance policy as per the terms and conditions will come back to the assessee on the death of policy holders. We allow assessee’s claim of deduction of premium paid in both the assessment years. - Decided in favour of assessee
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