Sponsored
    Follow Us:

Case Law Details

Case Name : ITO Vs Modi Motors (ITAT Mumbai)
Appeal Number : ITA No. 6900/Mum/2006
Date of Judgement/Order : 12/12/2008
Related Assessment Year : 2003- 2004
Become a Premium member to Download. If you are already a Premium member, Login here to access.
Sponsored

Only employer and employee relationship is not envisaged to allow the premium paid on Keyman Insurance Policy as business expenditure and there can exist other types of relationship; consequently, Keyman Insurance Premium paid by the firm on the life of its partners is allowable as business expenditure.

ITAT, MUMBAI BENCHES `B’

ITO v Modi Motors – ITA No. 6900/Mum/2006 , December 12, 2008

Please become a Premium member. If you are already a Premium member, login here to access the full content.

Sponsored

Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.

0 Comments

  1. Anuj Jain says:

    Case:-If the company takes employer-employee policy and within three years policy gets assigned in the name of the employee.and employee start paying the premium from the fourth year.
    question :1) will employee gets 80C benefit on future premiums
    2) Will maturity of this policy be tax free under 10(10)D

  2. Jatin Khan says:

    Hi! Thanks for the insightful post. I think this could help people to plan their insurance according to their need & budget. Have been searching for tutorials on how to plan for insurance according to my budget and needs… This tool came in handy too! Enjoy 🙂 http://www.simpleinsurance.co.in

Leave a Comment

Your email address will not be published. Required fields are marked *

Sponsored
Sponsored
Sponsored
Search Post by Date
August 2024
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031