TMI Blog2015 (8) TMI 1194X X X X Extracts X X X X X X X X Extracts X X X X ..... f 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. - I.T. A. No. 2960/AHD/2010 - - - Dated:- 27-9-2013 - SHRI D.K. TYAGI, J.M. SHRI ANIL CHATURVEDI, A.M For The Appellant : Shri O.P. Batheja, Sr. D.R. For The Respondent: None ORDER PER SHRI ANIL CHATURVEDI,A.M. 1. This appeal is filed by the Revenue against the order of CIT(A)-XI, Ahmedabad dated 13.09.2010 for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the excess premium of ₹ 4,15,20,000/- and added to the income. Aggrieved by the order of Assessing Officer, Assessee carried the matter before CIT(A), CIT(A) following his predecessors order in assessee s own case for A.Y. 06-07 decided the issue in favour of Assessee by holding as under:- 3.2.3 I am inclined to accept the contentions put forth by the A. R. of the appellant. It is seen that the similar issue arose in the appellant's own case for A. Y. 2006-07. The same was decided by my predecessor in favour of the appellant vide his order in appeal No. CIT(A)-XI/Jt.CIT.R.5/696/08-09 dated 03-04- 2009, wherein he held as under:- 2.5. The submissions made by the A. R. have been considered. The case laws relied upon by the A. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his ground of appeal is allowed. 3.2.4 In the light of the decision of my predecessor, the contentions of the A.R., the circular and case-laws relied on by him. I am of the view that the disallowance made by the Assessing Officer is not justified. Hence, I am inclined to direct the A.O. to delete the disallowance made by him of ₹ 4,15,20,000/-. 6. Aggrieved by the order of CIT(A), the Revenue is now in appeal before us. Before us, the ld. D.R. relied on the order of Assessing Officer. 7. We have heard the ld. D.R. and perused the material on record. We find 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 i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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