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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 t .....

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allowable as business expenditure. However, in case of such expenditure incurred on a partner of a firm, the general approach of the assessing officers was to treat the expenditure as not incurred for the purpose of business and disallow the same. 3 .....

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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 .....

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is not confined to a policy taken for an employee but also extends to an insurance policy taken with respect to the life of another person who is connected in any manner whatsoever with the business of the subscriber (assessee). 4. The High Court of .....

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eguard the firm against a disruption of the business is equally for the benefit of the partnership business which may be effected as a result of premature death of a partner. Thus, the premium on the Keyman Insurance Policy of partner of the firm is .....

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