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2015 (12) TMI 46 - ITAT AMRITSAR

2015 (12) TMI 46 - ITAT AMRITSAR - TMI - Addition on account of Gross Profit - CIT(A) confirmed part addition - Held that:- As find that assessee had not maintained complete books of account and vouchers. The Assessing Officer had pointed out various discrepancies in the books of account and calculation of opening and closing stocks. The argument of learned AR the mere absence of stock register cannot lead to rejection of books of accounts is though correct but here is a case where not only stoc .....

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ther relief. As regards Ground No. 1 taken by assessee that no show cause notice was issued in terms of provisions of Section 144(1), we find that assessment was not completed u/s 144 and therefore, no notice was required to be issued u/s 144. The learned CIT(A) has very reasonably dealt with issue and has allowed appropriate relief to the assessee and therefore, we do not intend to interfere with his findings - Decided against assessee and revenue

Disallowance of expenses - as per as .....

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Disallowance on account of foreign exchange expenditure - CIT(A) restricting the disallowance of foreign traveling expenses to the extent of 10% - Held that:- In Asst. Year 2005-06 in the case of assessee itself, had reduced the disallowance of foreign traveling expenses in the case of employees of assessee to 10% whereas in the case of expenses incurred by partners, the Tribunal had confirmed the disallowance to the extent of 10% as upheld by learned CIT(A). Respectfully following .....

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ake life insurance policy on its keymen, as have been undisputedly taken in this case, the same satisfies the requirement of Section 10(10D). In view of these detailed discussions, as also bearing in mind entirety of the case, we uphold the grievance of the assessee and delete the impugned disallowance - Decided in favour of assessee.

Disallowance of salary, labour welfare expenses - Held that:- We find that the disallowance made by Assessing Officer and confirmed by learned CIT(A) is .....

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Smt. Ratinder Kaur (DR) ORDER PER T. S. KAPOOR (AM): These are cross appeals filed by the assessee as well as by revenue against the order dated 22.03.2010, passed by the learned CIT(A), Jalandhar. 2. The following grounds has been raised by assessee in ITA No.212/ASR/2010 for Asst. Year 2006-07. (i) The learned CIT(A), Jalandhar has erred in confirming an addition of ₹ 7,50,000/- out of addition of ₹ 25,40,000/- made by the learned A.O by invoking provisions of section 145 (3), with .....

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IT(A), Jalandhar has erred in confirming the following disallowance out of expenses of ₹ 13,31,030/- under the head foreign traveling expenses made by Assessing Officer. Sr. No. Particulars Total expenses claimed Disallowance made by A.O Disallowanc e confirmed in appeal. 1 Ticker visa expenses of partner being for non business purpose Rs.4,96,808/- Rs.74,520/- i.e. 15% Nil 2 Foreign currency expenses being unvoched /without supportin g bills and also being for non business purposes. Rs.31 .....

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e authorities below are against law and facts of the case. 3. The following grounds has been raised by the Department in ITA No.300(Asr)/2010 for A.Y.2006-07. (i) That, on the facts and in the circumstances of the case, the learned CIT(A) has erred in law in reducing the addition of ₹ 25,40,000/- to ₹ 7,50,000/- made on account of improper and incomplete maintenance of accounts. (i.a) While doing so the learned CIT(A) has not given any specific reason for reducing the addition. In fa .....

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see firm. Because of non-maintenance of proper vouchers and supporting evidences in aspect of Wages & Labour Charges, a further addition of ₹ 5,40,000/- is made to the gross profit returned, which is 5% of the total expenses claimed under these heads. Therefore, the AO has given complete facts and comparable cases to substantiate the addition in the assessment order. The Hon ble Supreme Court in the case of S.N. Chettiar Versus CIT 38 ITR 579 has held that in the absence of vouchers an .....

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Reliance is placed on the decision of jurisdictional ITAT in the case of ACIT Vs. Archie International ITA No.458(ASR)/2004 for the Asst. Year 2001-02 wherein 40% of expenses on foreign travel were held to be not allowable. (iii) That, it is prayed that the order of the learned CIT(A) be set aside and that of the Assessing Officer restored. (iv) That the appellant requests for leave to add or amend or alter the grounds of appeal before the appeal is heard and disposed off. 4. The brief facts as .....

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required to furnish the breakup of finished goods, semi finished goods, and consumable stores and was also required to submit the basis of valuation of stocks. In the course of said verification and examination of books of account vis-à-vis bills produced of various items of raw material, the Assessing Officer observed a number of discrepancies in the quantity and valuation thereof. One of the major discrepancy observed by the Assessing Officer was in respect of an item called Universal B .....

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by assessee in previous three years by excluding export incentives. From the analysis the Assessing Officer observed that assessee had in fact declared lower Gross Profit as compared to earlier years. The Assessing Officer further observed that the expenses incurred by assessee on account of wages and labour charges were incurred in cash and were supported by only self made vouchers. The Assessing Officer also compared the Gross Profit ratio declared by two parties who were involved in similar k .....

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tives, and the balance amount of ₹ 36,38,073/- represented the Directors foreign traveling expenses. The Assessing Officer further observed that out of said amount of ₹ 36,38,073/-, ₹ 31.41,265/- were incurred on the purchase of foreign currency and the balance amount of ₹ 4,96,808/- pertained to tickets and visa charges etc. Therefore, the assessee was asked to provide details and supporting evidences regarding the duration of tour, purpose of the visit, and the details .....

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of business and therefore, he disallowed 40% of expenses of foreign currency, and 15% of ticket and visa expenses making in all additions of ₹ 13, 31,030/-. 6. The Assessing Officer also disallowed of claim of ₹ 17 lac which the assessee had claimed as Insurance Premium paid for Keyman Insurance Policy of Sh. Deepk Aggarwal, partner of the firm. The Assessing Officer further held that wages labour charges salary and labour welfare expenses were paid by assessee in cash and were suppo .....

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ction under section 80IB to the extent of ₹ 1,64,198/-. 8. Aggrieved the assessee filed an appeal before CIT(A) and filed various submissions. The learned CIT(A) after going through the material on record and submissions of the assessee partly allowed the appeal by recording his finding on various additions as under: Addition to Gross Profit 1.6 I have considered the rival contentions carefully. The appellant s contention is that the books of accounts could not be rejected merely for absen .....

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A.O. It is not doubt true that keeping of stock register is of great help in determining whether the accounts of the assessee are correct or complete. However, unless there is something more to show that the entires in the books of accounts were not correct or complete, as held by the Hon ble Jurisdictional High Court in the case of CIT vs. Om Overseas (supra), for the mere absence of stock register, the AO cannot reject the book of results of the assessee. 1.7 However, in the present case, it .....

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ceded that even the list of these items could not be prepared and only an estimate was made. The admission by the appellant supports the AO s contention that the stock of the assessee was valued, at least to some extent, on estimate without physical measurement. As pointed out by the AO, the fact that such a system has been followed even in the past cannot take away from the A.O the right to determine the correct income of the assessee. It is also noteworthy that the assessee has been showing al .....

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ome of the assessee. It is difficult to believe that the assessee, while valuing each item of finish product at sale price less GP rate, would value Universal Brackets at high rate of ₹ 10/- per pc for the purpose of valuation. It is also seen that the AO s observation that many payment vouchers for payment of wages and labour charges were not supported by signatures of the parties concerned. In this regard the appellant contended that it was maintaining wages register. However, only the m .....

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te, is correct. The rejection of books results by the AO is, therefore, upheld. 1.8 The appellant has contended that a proper show cause for estimating the income was not given. It is seen that the AO made known her intention of rejection of book results based on the discrepancies noted by her and pointed to the appellant. The assessment records also shows that in the hearing held on 5.12.2008, the learned AR for the appellant submitted that he had nothing further to state in the matter of the d .....

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that the item universal Bracket should be valued at the rate of ₹ 4 per pc based on the sale price of the item both in financial year 2004-05 and 2005-06. The AO s objection is that the profit of the year has been depressed by more than ₹ 10 lacks on account of the lower valuation of this item form the value shown in the opening stock. The AO s contention is certainly very relevant. The accepted method of valuation of closing stock is either at cost or at market price, whichever is l .....

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come of the assessee. This would, however, in the present case, require revaluation of the opening stock as on 31-3-2005 which would, in turn, involve recomputing the income for assessment year 2005-06. In the case of V.K.J. Builders and Contractors (P) Ltd. Vs. CIT 228 CTR (SC) 143, the Hon ble Apex Court have held that the closing stock of one year had necessarily to be the opening stock of the assessee of the subsequent year. Since the value of closing stock as on 31-3-2005 has been accepted, .....

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in the present year. 1.9 The appellant s contention that two comparable cases had been quoted by the AO without confronting it with the same is not material, since the AO has not used those rates for computing the income of the assessee. Nevertheless, in view of the fact that the valuation of part of closing and opening stock is absolutely unverifiable, and part of the expenditure on wages/labour charges is not backed by proper vouchers, the trading results of the assessee are not fully verifia .....

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ults. Under the circumstances, considering the defects in the wages/labour account and the unverifiability of valuation of part of the stock, an addition of ₹ 7.50 lacs is sustained out of the addition of ₹ 25,40,000/- made by the AO. Ground No.1 of appeal is partly allowed. 9. Regarding disallowance out of Foreign Traveling Expenses. I have considered the rival contention carefully, The appellant s contention that no disallowance could be made out of foreign travel expenditure as it .....

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heir relatives for every small thing, even if it is accepted that family members stayed with the relatives all the time during the foreign travel. This also has to be viewed in the context of fact that no particulars and no bills/vouchers of actual utilization of foreign currency by the partners on foreign tours has been furnished. The contention that it was impractical to maintain all the bills/vouchers on foreign tour is too simple an explanation considering the amount of foreign currency spen .....

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ellant lower disallowance had been upheld. The decisions relied upon by the appellant are not of the Hon ble Jurisdictional ITAT. Disallowance of expenditure on estimate basis is essentially a matter of fact and no hard and fast rule can be laid down. I agree with the AO that, considering the quantum of the expenditure; the fact that the family members traveled with partner of assessee firm; the fact that no foreign exchange was stated to have been used for the expenditure in respect of family m .....

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s purposes, the disallowance of 15% out of these expenses is not called for and is directed to be deleted. The AO is directed to compute the disallowance accordingly, Ground No.2 of appeal is partly allowed. 10. Disallowance of Insurance Premium Regarding Keyman Insurance Policy, the learned CIT(A) has disallowed the claim of assessee in respect of Keyman Insurance Policy by following his earlier order in ITA No.516 in the case of Ambika Overseas & Others for Asst. Year 2006-07. The detailed .....

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which are not even properly signed. The aforesaid order sheet noting has been signed by the assessee s counsel Sh. Brij Aggarwal, CA who attended the assessment proceedings. No further clarification on this issue was submitted before the A.O on the next date of hearing i.e. 8-12-2008. Hence, the AO s contention, that the aforesaid expenses were through cash and through self paid vouchers many of which were not signed properly, has been accepted by the appellant during the assessment proceedings .....

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ssessee was making unaccounted purchases in cash. It was under these circumstances that the Hon ble Jurisdictional High Court held that once GP had been estimated, no further addition was required to be made u/s 40A(3). The disallowance in this case was proposed to be made in respect of purchase of goods which found part of trading account on which the GP rate was applied by the AO. In the case reported in 302 ITR 246, the Hon ble Jurisdictional High Court upheld the view of the ITAT that in the .....

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t of expenses not covered by trading/manufacturing account of the assessee. 4.5 Considering the facts noted by the AO, the disallowance of ₹ 1,50,000/- out of salary and labour welfare expenditure is upheld. The Ground No.4 of appeal is rejected 12. Disallowance under section 80IB. 5.1 The AO has held that the assessee was not entitled to deduction u/s 80IB since after excluding the export incentives, duty drawback and interest there was no income on which deduction u/s 80IB could be allow .....

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The learned AR first took up the appeal of the assessee and invited our attention to the Grounds of appeal. The learned AR invited our attention to the facts of the case and submitted that learned CIT(A) has restricted the addition on account of Gross Profit to the extent of ₹ 7,50,000/- as against the addition made by A.O to the extent of ₹ 25,40,000/-. The learned AR submitted that the addition to the gross profit was made by Assessing Officer on account of non maintenance of stoc .....

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Officer should have accepted the audited results as declared by the assessee. Regarding specific mention of an item named Universal Bracket by Assessing Officer, the learned AR submitted that in fact there was no loss to revenue as the assessee had declared higher valuation in earlier year, therefore, had paid excess taxes on inflated profits. He further submitted that assessee had to value its stock at cost or market price which ever is lower and therefore, there is no wrong in valuing such an .....

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by leaner CIT(A) was not justified. 14. Arguing upon Ground No.4, the learned AR submitted that leaned CIT(A) had upheld the disallowance on foreign currency expenses to the extent of 25% as against the 40% made by Assessing Officer. The learned AR submitted that in the case of assessee itself in Asst. Year 2005-06, the Hon ble Tribunal in ITA No.83 was pleased to restrict similar disallowance to the extent of 10% and in this respect filed a copy of the said Tribunal Order. 15. Arguing upon Gro .....

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ce to the above arguments the learned AR submitted that once profits were estimated after rejection of books of accounts, no further addition on account of expenses was warranted. 17. Ground No.7 regarding claim under section 80IB was not pressed. 18. The learned DR, on the other hand, as regards additions made by the Assessing Officer on account of G.P rate invited our attention to the assessment order and submitted that Assessing Officer had noted various discrepancies for which the assessee w .....

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herefore Assessing Officer had passed a detailed order and therefore, action of the learned CIT in restricting the disallowance to 25% was not justified. As regards disallowance on account of Keyman Insurance Policy and disallowance of other expenses, learned DR placed her reliance on the orders of authorities below. 19. Arguing upon the Revenue s appeal the learned DR submitted that the learned CIT(A) has wrongly allowed part relief to the assessee and reiterated her arguments as was taken by h .....

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Assessee s appeal are regarding confirmation of part addition on account of Gross Profit and Ground No.1 of Revenue s appeal is against part relief allowed to assessee, therefore, our adjudication on the issue of addition to Gross Profit will dispose off Ground No.1 & 2 of Assessee s appeal and Ground No.1 in Revenue s appeal. We find that assessee had not maintained complete books of account and vouchers. The Assessing Officer had pointed out various discrepancies in the books of account a .....

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ficer has also compared Gross Profit ratio of two parties for the same year, who were also engaged in the similar type of activities. Therefore, we do not find merit in the arguments of learned AR regarding further relief. As regards Ground No. 1 taken by assessee that no show cause notice was issued in terms of provisions of Section 144(1), we find that assessment was not completed u/s 144 and therefore, no notice was required to be issued u/s 144. The learned CIT(A) has very reasonably dealt w .....

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only in those cases where the net profits are estimated whereas here is a case where addition has been made to the Gross Profits, therefore, the Revenue Authorities were justified in making various other additions on account of disallowance of expense. In view of above, Ground No.3 of assessee s appeal is dismissed. 22. Ground No. 4 of assessee s appeal and Ground No.2 of Revenue s appeal are on the same issue of disallowance on account of foreign exchange expenditure. The revenue is aggrieved a .....

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para 9 to 9.1 of the said order. We find that the Hon ble Tribunal had reduced the disallowance of foreign traveling expenses in the case of employees of assessee to 10% whereas in the case of expenses incurred by partners, the Tribunal had confirmed the disallowance to the extent of 10% as upheld by learned CIT(A). Respectfully following the above Tribunal Order in the case of assessee itself, we restrict the disallowances out of foreign tour expenses to 10%. In view of above Ground No.4 of ass .....

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rs 2006-07 & 2007-08 respectively, where the Hon ble Tribunal had allowed the relief to the assessee on account of payment of Keyman Insurance Policy. The relevant findings as recorded by Hon ble Tribunal are contained in para 8 to 20 which are reproduced below. 8. Let us now come back to the core issue before us. The short question that we have to really adjudicate is as to whether the premium of ₹ 1,49,99,922 paid on the keyman insurance policies can be allowed on the facts of this c .....

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ned person 9. Vide Finance Act 2013, the following words have been added to this definition- and includes such policy which has been assigned to a person, at any time during the term of the policy, with or without any consideration . 10. All that is required for an insurance policy to meet the requirements of Section 10(10D), therefore, has to be - (a) it should be a life insurance policy; (b) it should be taken by the assessee on the life of another person who is, or was, an employee of the ass .....

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nnot be adversely viewed in case of the assessee as when the assessee has taken the policy under Keyman Insurance Scheme from two reputed insurance companies there was no such regulation. The other objections of the Revenue are that the deduction of the premium under Keyman insurance cannot be allowed in the case of partnership firm, is not tenable in view of the decision of the Hon'ble Jurisdictional High Court in B.N. Exports (supra), wherein, it has been held that if the Keyman Insurance .....

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for capital appreciation under the investment scheme and secondly, the assessee has not received the maturity sum but it has been assigned to the partners, therefore, the assessee cannot be given deduction for any premium paid. Insofar as the first objection of the learned Commissioner (Appeals) is concerned, we declined to agree with this conclusion, because once the assessee has bought a policy under a life insurance scheme, then whether the insurance company is making investment in mutual fun .....

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down by the statute. Yet, it is this which has been inferred by the authorities below. 14. Even if such an inference is desirable, as long as it does not emerge from the plain words of the statute, it cannot be open to supply the same. The concepts of term policy, pure life policy and the IRDA guidelines find no mention in the statutory provisions. But even if these concepts ought to be incorporated in this statutory provision of the Income Tax Act to make it more meaningful and workable, it can .....

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be clearly beyond the call and scope of our duty which is only to interpret the law as it exists. Hon ble Supreme Court, in the case of Smt. Tarulata Shyam vs. CIT 1977 CTR (SC) 275 : (1977) 108 ITR 345 (SC) at p 356 has observed : "We have given anxious thought to the persuasive arguments..... (which) if accepted, will certainly soften the rigour of this extremely drastic provision and bring it more in conformity with logic and equity. But the language of sections........ is clear and una .....

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ll the words of Rowlatt. J. in Cape Brandy Syndicate vs. IRC (1921) 1 KB 64 (KB) at p. 71, that : "........... in a taxing Act one has to look at merely what is clearly said. There is no room for any intendment. There is no equity about a tax. There is no presumption as to a tax. Nothing is to be read in, nothing is to be implied. One can only look fairly at the language used." Once it is shown that the case of the assessee comes within the letter of law, he must be taxed, however grea .....

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ir Lordships then observed that "In other words, under the first principle, a casus omissus cannot be supplied by the Court except when reason for it is found to be in the four corners of the statute itself but at the same time a casus omissus should not be readily inferred and for that purpose all the parts of a statute or section must be construed together and every clause of a section should be construed with reference to the context and other clauses thereof so that the construction to .....

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isions of the Income Tax Act are to be construed. Whenever the provisions of the other statututes are to be taken into account, for interpreting the provisions of the Income Tax Act, the Income Tax Act specifically provides so, such as in the case of Explanation 2 to Section 2 (42A) which provides that the expression "security" shall have the meaning assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956)] . It cannot, therefore, be ope .....

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f the assessee firm (emphasis, by underling, supplied by the AO) are devoid of any legally sustainable merits. The fulfilment of IRDA terms and conditions is wholly alien to the present context. As for the policy being taken for the benefit of the assessee firm, as long as it is for the purpose of taking an insurance policy on the life of a person who is related to the firm, the same cannot be called into question either. We have also noted that the authorities below have paid a lot of emphasis .....

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is not set out anywhere in the stature, and it should be taken on the life of a person who is, or has been, an employee of the assessee or any other person who is or was connected in any manner whatsoever with the business of the assessee. These conditions are clearly satisfied on the facts of the case before us. 16. A lot of emphasis has been placed by the authorities below on the circulars issued by the IRDA. It may, therefore, be appropriate to briefly deal with the IRDA and the impact of the .....

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growth of the insurance business and re-insurance business. (2) Without prejudice to the generality of the provisions contained in sub-section (1), the powers and functions of the Authority shall include, - (a) issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration; (b) protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurance cl .....

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rges for carrying out the purposes of this Act; (h) calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organisations connected with the insurance business; (i) control and regulation of the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee un .....

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) specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organisations referred to in clause (f); (p) specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector; and (q) exercising such other powers as may be prescribed. 17. Clearly, therefore, IRDA is primarily to regulate, promote and ensure orderly growth of the insurance business and re-insur .....

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llows: The Authority is aware that some of the aberrations have taken place in the month of March 2005 in the matter of sale of keyman insurance. We shall conduct a detailed examination of the policies marketed in March 2005 and shall come up with detailed guidelines on the sale of keyman insurance at the appropriate time. In the meantime, it has been decided that only term insurance policy will henceforth be issued as keyman insurance cover . Your company is requested to ensure that your compan .....

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irements of Section 10(10D) which is for life insurance policy . What can be sold as a life insurance policy taken by a business entity for its employee, former employee or any other person important for business of such an entity is between the insurance regulator and insurance service provider. However, once it has been sold as a life insurance policy on the keyman to the business, as long as it is in the nature of life insurance policy, whether pure life cover or term cover or a growth or gua .....

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on the lives of its employees, former employees and key personnel but once such a policy is issued it cannot but be treated as a keyman insurance cover as it essentially meets the requirement of Section 10(10D) because it is a a life insurance policy taken by a person on the life of another person who is or was the employee of the firstmentioned person or is or was connected in any manner whatsoever with the business of the first-mentioned person . The mandate of Section 10(10D) does not put an .....

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taken for the benefit of the firm was established. When benefit of policy was assigned to the insured, the policy cannot be said to be for the benefit of the assessee firm. We see no merits in these objections to the commercial expediency. As for the fall in turnover, the benefit of an expenditure cannot be, by any stretch of logic, relevant to determine its commercial expediency, and, in any case. Such a benefit of hindsight cannot be available at the point of time when business decisions are m .....

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e in its favour and order of the Tribunal does not call for any interference. We are persuaded by the following reasons in support of this view of ours: (i) The Department has itself allowed the expenditure incurred on the premium paid for keyman insurance policies in previous years as business expenditure under Section 37 of the Act. Right from 1991-92 upto 1993-94 and thereafter even in respect of Assessment Year 1997-98, the expenditure was allowed. Though thereafter, the expenditure was disa .....

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the CBDT and would act on the basis thereof. When the assessee was given the impression, by means of the aforesaid Circular, that if expenditure is incurred on the keyman policy, it would be treated as business expenditure. There is no reason for the Department to deviate therefrom when it comes to the assessment. (iii) The nature of expenditure incurred on keyman insurance policy has even been judicially considered and Bombay High Court has held in B.N. Exports (supra) that this expenditure is .....

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employment as well as on a person on who is or was connected in any manner whatsoever with the business of the subscriber. The words "is or was connected in any manner whatsoever with the business of the subscriber" are wider than what would be subsumed under a contract of employment. The latter part makes it clear that a Keyman insurance policy for the purposes of Clause (10D) is not confined to a situation where there is a contract of employment. Clause (10D) relates to the treatmen .....

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y the firm could have been allowed as business expenditure, there is a finding of fact by the Tribunal that the firm had not taken insurance for the personal benefit of the partner, but for the benefit of the firm, in order to protect itself against the set back that may be caused on account of the death of a partner. The object and purpose of a Keyman insurance policy is to protect the business against a financial set back which may occur, as a result of a premature death, to the business or pr .....

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incurred wholly and exclusively for the purposes of business." (iv) The argument of Mr. N.P. Sahni, learned counsel for the Revenue that taking such keyman insurance policy every year and thereafter assigning the same to the beneficiaries may be treated as colourable device, may not be correct. Though this argument appears to be attractive when we look into the fact that the assessee had been taking the policies and thereafter assigning the same year after year in favour of the beneficiarie .....

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y eventuality of premature death. Such an expenditure is treated as business expenditure by the Department itself and recognized as such in Circular dated 18.2.1998. The expenditure is to be seen at the time it is incurred. Merely because the policy was assigned after sometime would not mean that the expenditure incurred in the first instance would lose the flavour of it being ^business expenditure'. (vi) Once the legal provisions and the outlook of Department itself based on such legal prov .....

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e armchair of the assessee and decide as to whether it was appropriate on business expediency for the assessee to incur such an expenditure or not. If the transaction is otherwise valid in law and is a part of tax planning, merely because it has resulted in reduction of tax, such expenditure cannot be ignored raising the issue of underlying motive of entering into this type of transaction. Various judgments cited by the learned counsel for the respondents clearly get attracted to this Court. (Em .....

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