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
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
which reads as under:-
Taxation of sum received under the Keyman Insurance Policy
14.1 Keyman Insurance Policy of the Life Insurance Corporation of India ... which may occur from the employee's
premature death. The "Keyman" is an employee or a director, whose services
are perceived
representing the amount equivalent to
surrender value on assignment of Keyman Insurance Policy by the Firm
ITA No. 130/JP/16
Ravi Poddar Vs. ACIT ... also erred in confirming the event of the assignment of
Keyman Insurance Policy in favour of the appellant by the Firm
resulting into income liable
Keyman Financial Services (P) ... vs Dcit, New Delhi on 15 January, 2018
IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCHES: 'D', NEW DELHI ... PILLAI, JUDICIAL MEMBER
ITA No. 4043/Del/2014
A.Y. 2009-10
Keyman Financial Services (P) DCIT, Circle 5(1)
Ltd. vs. New Delhi
Shantharam Naik
S/o. Rohidas Naik
Aged about 29 years
Working as Keyman
S.W.R., Mysore Division ... Nagesh Setty
S/o.Nagesha Setty
Aged about 32 years
Working as Keyman
S.W.R., Mysore Division
firm in which the assessee was a partner, had taken a Keyman's
Insurance Policy from HDFC Life Insurance Co. in the name ... purchased by the firm in the name of the assessee
under keyman insurance policy in the year 2005. The premium for the
year ending
Escotel
Mobile Communication Ltd. and M/s Escorts Ltd. had taken keyman
insurance policy with Shri Ranjan Nanda the assessee as keyman.
These companies paid ... crux of the issue revolves around treatment of status of
keyman policy on assignment to keyman. The earlier letter of LIC
dated 21.3.2006 as furnished
hands of the assessee on account of maturity
receipts of the Keyman Insurance Policy amounting to
Rs.6,49,45,7101- and as also ... hands of the assessee on account of maturity
receipts of the Keyman Insurance Policy amounting to
Rs.7,29,49,460/- and as also
