Merely because the department preferred appeal before the Honble High Court is no ground to take a different view.

ITO Vs. Gem Art (ITAT, Ahmedabad)

CIT(A) deleted addition on account of key man insurance policy relying on ITAT|s decision in assessee|s own case for assessment year 2005- 06 in which the Tribunal in ITA No. 1722/Ahd/2008, date 6-3-2009 and held that premium paid under key man insurance policy on the life of the partners cannot be disallowed. Revenue contended that they had not accepted the order of the Tribunal on this issue for assessment year 2005-06 and appeal was filed before the Gujarat High Court. Held: Merely because the department did not accept the order of Tribunal deleting addition on account of key man insurance premium, and preferred appeal before the High Court, it is no ground to take a different view.

ITO Vs. Gem Art

In the ITAT, Ahmedabad C Bench

ITA No. 2975/Ahd/2009

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