Keyman insurance expenses allowable if conditions u/s 10(10D) fulfilled

Brief of the case

In the case of Suri Sons vs. ACIT – ITAT Amritsar has held that that once life insurance policy has been sold as a life insurance policy on the keyman to the business, as long as it is in the nature of life insurance policy, whether pure life cover or term cover or a growth or guaranteed return policy, it is eligible for coverage of Section 10(10D).

Facts of the case

1. The assesse has

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