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Admissibility of expenditure incurred by a Firm on Keyman Insurance Policy in the case of a Partner- Reg.

Income Tax - 38/2016 - Dated:- 22-11-2016 - CIRCULAR NO. 38/2016 F.No.279/Misc./140/2015-ITJ GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI Dated 22nd November, 2016 Subject: The issue relating to admissibility of expenditure incurred by a firm on Keyman Insurance Policy premium in the case of a partner has been a contentious one. 2. CBDT Circular no. 762/1998 dated 18.02.1998 clarifies that the premium paid on the Keyman Insurance Policy is .....

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rises, ITA No. 1701 of 2012 dated 07.01.2015 -NJRS citation 2015-LL-0107-4. High Court of Gujarat- CIT vs. Gem Arts, ITA No. 1739 of 2009 dated 13.03.2012-NJRS citation 2012-LL-0313 High Court of Punjab & Haryana-CIT vs. Laj Exports, ITA No. 251 of 2012 dated 08.11.2013-NJRS citation 2013-LL-1108-72) Taking into account the Explanation to Clause (10D) of Section 10 of the Income-tax Act, 1961 and the CBDT Circular no. 762/1998 dated 18.02.1998, Courts have held that a Keyman Insurance Policy .....

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