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
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
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
that the workman
pleaded that he was employed on 01.09.1993 as a Keyman (controlling the flow
of water) which was regular and perennial nature ... resolution passed by the Municipal
Council, Pathankot. The designation of the Keyman was not covered under
Section 39 of the Punjab Municipal
Trackman and
later on he was promoted to the post of Keyman and at present
he is Mate. He was promoted to the post ... Engineering Department was
circulated inviting options from Gangman, Keyman and Mates
having qualification of Class-X Board examination and the said
selection was based
examining various issues chose not to make
any disallowance in respect of Keyman
insurance premium while framing assessment
under section ... balance sheet under
the head Long Term Loan and Advances -
Keyman Insurance Premium. Assessee
however claimed this expenditure as
business expenditure in its computation
sustaining the addition of
the surrender value of the assigned keyman
insurance policy as income of the appellant and
was not exempt under the provisions ... include the assigned policies also within the ambit of
keyman insurance policy for the purpose of taxation
with effect from 01.04.2014 which clearly
Assessing Officer made additions of Rs.49,75,054/- on
account of Keyman Insurance Policy of Rs.23,23,241/- on
account of disallowance ... deleted the addition of Rs.49,75,054/- on account of
Keyman Insurance Policy stating that the documents
regarding expenses were produced before
which, Rs.2,35,34,728/- relates to expenses towards Keyman
Insurance. The assessee is a Private Limited Company having less than ... share holders. According to the guidelines of LIC for Keyman
Insurance, the concern should be a profit making one and the profits for
the last
Keyman Advisory Services Pvt Ltd vs Deputy Commissioner Of Income Tax ... on 24 November, 2025
Author: B. P. Colabawalla
Bench: B. P. Colabawalla ... BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
WRIT PETITION (L) NO. 36753 OF 2025
Keyman Advisory Services Pvt. Ltd. .. Petitioner
Versus
Deputy Commissioner of Income Tax
Central
