Case Law Details
Case Name : ITO Vs Modi Motors (ITAT Mumbai)
Related Assessment Year : 2003- 2004
Courts :
All ITAT ITAT Mumbai
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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
RELEVANT EXTRACTS:
6.15 As noted earlier, there was a judicial opinion that on distribution or division or allotment of assets to partners by the firm on dissolution or otherwise there resulted ...
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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
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