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Premium paid under Keyman Insurance policy allowable as business expense
Case Law Details
- Case Name
- M/s F.C. Sondhi & Co.(India) P Ltd Vs The DCIT (ITAT Amritsar), M/s Vishal Tools & Forgings Pvt Ltd Vs The Additional Commissioner of Income Tax
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006-07
- Courts
- All ITAT, ITAT Amritsar
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Brief of the case:
ITAT held in M/s F.C Sondhi & Co.(India) P Ltd Vs The DCIT that the premium paid on the keyman Insurance Policy would be allowed as a business expense because the same had been paid for the growth and stability of business and it was irrespective of the fact that the funds had been invested in the mutual funds or in capital appreciation scheme. Keyman insurance policy was a policy on the life of another person who is an employee of the assessee or is connected with the business of the assessee. ITAT relied on the decision given in case of M/s Suri Son Vs ACITin ITA No 37...
