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No rational basis to confine allowability of expenditure incurred on premium paid towards Keyman Insurance policy only in respect of life of an employee
Case Law Details
- Case Name
- CIT Vs. B. N. Exports (Bombay High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- Appeal No: Ita no. 2714 of 2009
- Courts
- All High Courts, Bombay High Court
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DECIDED BY: HIGH COURT OF BOMBAY,
IN THE CASE OF: CIT Vs. B. N. Exports, APPEAL NO: ITA No. 2714 of 2009, DECIDED ON: March 31, 2010
RELEVANT PARAGRAPH
The effect of Clause 10 D is that a sum received under a life insurance policy is not to be included in computing the total income of any person. However, a sum received under a Key man Insurance Policy forms a part of the total income and is liable to be offered to tax. For the purposes of Clause 10D, a Key man Insurance Policy is a life insurance policy taken by a person on the life of another person who is or was the empl...
