welfare of such employees ; (xi) any sum received under a Keyman insurance policy including the sum allocated by way of bonus on such policy. Explanation ... purposes of this clause*, the expression "Keyman insurance policy" shall have the meaning assigned to it in the Explanation to clause (10D) of section
section (3) of section 80DDA*; or (b) any sum received under a Keyman insurance policy; or (c) any sum received under an insurance policy issued ... authorities and the assessee.] Explanation 1.—For the purposes of this clause, "Keyman insurance policy" means a life insurance policy taken by a person
other energy, boarding and lodging; ] (vi) [ any sum received under a Keyman insurance policy including the sum allocated by way of bonus on such policy ... Explanation. - For the purposes of this clause, the expression "Keyman insurance policy" shall have the meaning assigned to it in clause (10-D) of section
assessee or [interest on such contributions or any sum received under a Keyman insurance policy including the sum allocated by way of bonus on such ... Explanation. - For the purposes of this sub-clause, the expression "Keyman insurance policy" shall have the meaning assigned to it in clause
being Insurance premium paid by the assessee
firm on a Keyman Insurance Policy?"
2. The issue before the Court pertains to Assessment Year ... assessee, which is
a partnership firm, in paying the premium for a Keyman Insurance
Policy obtained by the firm on the life of its partner
respect of Shn Anurag Gupta, one of the partners, under the "Keyman Insurance Scheme". The CIT considered the allowance of the premium ... significant loss to the firm, and, therefore, the premia paid under the Keyman Insurance Scheme was allowable under Section 37(1). It was also pointed
allowing the expenses of
Rs.23,59,244/- on account of Keyman Insurance Premium
bearing different name of propose (other than assessee ... furnace to the tune of
Rs.14,41,468/- and disallowed the Keyman Insurance Premium to the
tune of Rs.23,00,696/- and assessed
that since the
expenditure incurred on the premia paid on the said keyman
insurance policies was much more that the amount realized
by the assessee ... Assessing Officer by disallowing the
business expenditure claimed in respect of keyman
insurance premium?"
12. Mr. N.P. Sahni, learned counsel who appeared
curities/investments.
2.Disallowance of
Rs.1,50,000/- on
'keyman insurance'.
5. ITA No.402/Asr/2010 2007-08 Revenue ... loss on revaluation.
2.Disallowance of
Rs.1,50,000/- on
'keyman insurance'.
13. ITA No. 288/Asr/2013 2010-11 Revenue
partnership firm in the name and style of M/s. Keyman Locking Devices was, according to the plaintiff, floated in April, 1985 in terms ... concern that applied for the registration of trade mark "KEYMAN" in class 12 for use in automobiles, which registration was granted in favor
