Allowability of Keyman Insurance Premium paid by a Firm
Court :
ITAT, MUMBAI BENCHES `B’
Brief :
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.
Citation :
ITO v Modi Motors - ITA No. 6900/Mum/2006 , December 12, 2008
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Judgement posted by
CA. Rajeev Aggarwal
Chartered Accountant
Hi all, My Name is Rajeev Aggarwal. I am a Chartered Accountant. Tax is my passion Thanx
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