Search Results Page
Search Results
1 - 8 of 8 (0.37 seconds)Section 260A in The Income Tax Act, 1961 [Entire Act]
C.I.T.,New Delhi vs Rajan Nanda on 24 November, 2014
(iii) The Hon'ble Division Bench of the High Court of Delhi in the
case of Commissioner of Income Tax &ORS Vs Rajan Nanda & ORS.,
reported in 2012(Volume 349) ITR 8(Delhi), held as follows:
The Commissioner Of Income-Tax,Bombay vs Chandulal Keshavlal & Co., Petlad on 17 February, 1960
14. With the above observations, the Tax Case Appeal is allowed.
No costs.
The Income Tax Act, 1961
Section 10 in The Income Tax Act, 1961 [Entire Act]
The Commissioner Of Income Tax-2 vs M/S.B.N. Exports on 31 March, 2010
“5. The issue is no longer res integra. The
Bombay High Court delving into identical issue in
Commissioner of Income Tax v. B.N.Exports (2010) 323
ITR 178 after noticing the relevant statutory provisions
and the Board Circular No.762 dated 18th February, 1998
issued by the Central Board of Direct Taxes on the issue
had held that the premium paid for a 'Keyman Insurance
Policy' is allowable as business expenditure under Section
37(1) of the Act. It was further noted that the object and
Page No.8/16
https://www.mhc.tn.gov.in/judis/
T.C.A.No.843 of 2013
purpose of the said policy is to protect the business against
a financial set back which may occur as a result of a
premature death, to the business or professional
organization. There is no rational basis to confine the
allowability of the expenditure incurred on the premium
paid towards such a policy only to a situation where the
policy is in respect of the life of an employee. The said
policy when obtained to secure the life of a partner against
a disruption of the business is equally for the benefit of the
partnership business which may be affected as a result of
premature death of a partner. Thus, the premium on the
'keyman Insurance Policy' of partner of the firm is wholly
and exclusively for the purposes of business and is
allowable as business expenditure. The relevant
observations read thus:-
Pr. Commissioner Of Income Tax-1 ... vs M/S Ramesh Steels on 5 May, 2016
(ii) The Hon'ble Division Bench of the High Court of Punjab and
Haryana in the case of Principal Commissioner of Income Tax Vs
Ramesh Steels, reported in 2016(Volume 384) ITR 0437(P&H), held as
follows:
1