Register Price / Packages DEMO Option My Bookmarks Daily Newsletters Feedback/ Suggestions
Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


Case Laws Acts Notifications Circulars Classification Forms Manuals Articles News D. Forum Highlights Notes
TMI - e-Newsletter     TaxTMI    Seeking activation of GSTIN and granting final...     TaxTMI    Seeking grant for Anticipatory Bail - Allegations...     TaxTMI    Recovery of tax arrears from the Former director of...     TaxTMI    Grant of Regular Bail - Forged tax invoices -...     TaxTMI    Adjudication of SCN after 17 years - The High Court...     TaxTMI    Income taxable in India or not - Salary income -...     TaxTMI    Jurisdiction of AO - Validity of notice issued u/s...     TaxTMI    Reopening of assessment - The Appellate Tribunal...     TaxTMI    Estimation of income - bogus purchases -...     TaxTMI    Validity of assessment order - as argued without...     TaxTMI    Eligibility for concessional rate of GST - Biomass...     TaxTMI    SEZ unit - Legal services - liability pay tax under...     TaxTMI    Validity of impugned order u/s 73 of the CGST Act -...     TaxTMI    Scope and Interpretation of Contract - Seeking...     TaxTMI    Doctrine of Merger of High Court Decision with the...     TaxTMI    Latest Case-Laws     TaxTMI    Latest Notifications + Circulars     TaxTMI    GST Council Decisions     TaxTMI       Right Stop
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights January 2023 Year 2023 This

Disallowance of premium on Insurance Policy - Keyman Insurance ...

Income Tax

January 6, 2023

Disallowance of premium on Insurance Policy - Keyman Insurance Policy - Once the assets are sold, the Keyman policy for the Firm becomes redundant. At the same time, a portion of the Premium cannot be disallowed as expenses, because, discontinuance of the policy has occurred due to sale of assets. Therefore, in our considered view, the disallowance being 1/3rd of the premium amount, is not sustainable. - HC

View Source

 

← Previous Next →

 

You may also like:

  1. Disallowance of payment of premium under “Keyman Insurance Policy – maturity or surrender amount under the Keyman Insurance Policy was not exempted but taxable under...

  2. Keyman Insurance Policy - premium paid for the partners - The premium paid on the Keyman Insurance Policy is allowed as business expenditure - HC

  3. Disallowance of premium paid for Keyman Insurance Policies – investment plans with accompanying insurance benefits - cannot be claimed as business expenditure - AT

  4. The 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 - HC

  5. Keyman Insurance Policy - Therefore, the difference between premium paid and surrender value is not taxable in the hands of assignee - AT

  6. Disllowances towards premium of keyman insurance policies - once it has been sold as a life insurance policy on the keyman to the business, as long as it is in the...

  7. Disallowance of keyman insurance policy of the director of the company paid - The premium paid for keyman insurance policy is allowable to the assessee u/s. 37(1) of the...

  8. Rejection of expenses on obtention of Keyman Insurance Policy – It is not a ‘term Assurance Policy Plan” as per IRDA guidelines - expenses rightly disallowed - AT

  9. Exemption u/s 10(10D) on the maturity value of the Keyman Insurance Policy - Assessee received the amount on maturity of Keyman Insurance Policy after coming into effect...

  10. Amount received by the assessee on maturity of the Keyman Insurance Policy - not eligible to claim exemption u/s 10(10D) - Legislature in its own wisdom never intended...

 

Quick Updates:Latest Updates

What's New:
    Latest Case Laws
What's New:
    Latest Notifications
What's New:
    Latest Circulars
H: Addition of the suppressed gross receipts as were disclosed by the ass...
H: Validity of Assessment order as time barred - delay dispatching assess...
H: Addition in assessment u/s 153C - Addition u/s 69 - addition on basis ...
H: Nature of receipts - interest earned on FDs during the year was prior ...
H: Additions of income earned - Taxable Person - Land transactions facili...
H: Addition u/s 69 r.w.s. 115BBE - Higher rate of tax treating the surren...
C: Partial modification of Circular No. 3 of 2023 dated 28.03.2023 regard...
A: Excess or Short Payment of Customs Duty on Import of goods into India
A: AVAILABILITY OF GOOD FAITH CLAUSE IN SECTION 157 OF THE GST ACT TO THE...
A: Understanding the Scope of Accounting.
A: GST not payable on amount recovered from permanent employees for cante...
F: PAYMENT TO CINE OR TV ARTISTS. LIABILITY UNDER RCM
C: Cross Margin benefits for offsetting positions having different expiry...
N: Under section 80G(2)(b) the Central Government Notified “Shree Ramanuj...
H: Rectification u/s 154 - The Assessee argued that the assessments u/s 1...
H: Detention Order under COFEPOSA - legal heirs of detenu - Smuggling - d...
H: Levy of penalty - mis-declaration of goods - unflavoured boiled supari...
H: Suspension of license of public bonded warehouse - bonded goods were s...
H: Classification of imported goods - Navigation System - Multifunctional...
H: Offences triable by Special Court - offences other than the Companies ...
H: Judicial Discipline - Seeking refund of accumulated Cenvat credit - in...
H: Works Contract Service - availment of Composition Scheme - The Tribuna...
H: Refund of accumulated credit - Eligibility to CENVAT credit to a manuf...
N: Streamlining of Halal Certification Process for Meat and Meat Products
A: GST COLLECTION – NET COLLECTION DESERVE PUBLICATION/ REPORTING INSTEAD...
A: Demand should not be raised when negative taxable and invoice value ar...
A: Various Types Of Trusts and Their Importance
A: IGST is not payable under RCM for services in Free-on-Board and Cost I...
A: MEETING OF CREDITORS - INSOLVENCY RESOLUTION PROCESS - PERSONAL GUARAN...
A: Goods seized cannot be released by invoking writ jurisdiction if no ap...