confirming the
disallowance of Rs.17,00,000/- being expenditure on Keyman Insurance
Policy.
3. ITA Nos. 212 & 300(Asr)/2010
Asst. Year ... which the
assessee had claimed as Insurance Premium paid for 'Keyman Insurance
Policy' of Sh. Deepk Aggarwal, partner of the firm. The Assessing
disallowance made by Assessing Officer on
account of payment of Premium of Keyman Insurance Policy amounting to
Rs.59,96,356/-. The appeal was earlier ... which
he had upheld the disallowance on premium paid for Keyman Insurance Policy
amounting to Rs.16,00,000/- each. These appeals were heard together
addition of Rs. 25.00 lacs on the ground that policy of
Keyman Insurance Policy.
2. Whether on the facts and in the circumstances ... case and in law the ld. CIT(A) holding the policy as
Keyman Insurance Policy is perverse on facts
confirming the addition of Rs. 20,00,000/- (Twenty
lacs) being the Keyman Insurance Premium paid on the lifE of two
directors namely Shri Gaurav ... Shri
N.K.Jain Rs. 10,00,000/- out of keyman Insurance premium Rs.
41,27,000/- paid on the life of three directors
addition of
Rs.16,00,000/- on account of disallowance of Keyman Insurance
Premium.
3. We have heard rival submissions and perused the orders ... instant case,
the assessee claimed to have paid Rs.40 lakhs as Keyman Insurance
Premium and claimed deduction of entire amount of Rs.40 lakhs
premium of Rs.6,53,762/- paid on second partners' keyman insurance policy. In view of the circular No. 762 dated 18.02.1998, the firm ... purchase Keyman Insurance policy on the life of one partner."
4. "On the facts and in the circumstances of the case
following issues:-
(a) Disallowance of premium paid towards Keyman Insurance
Policies;
(b) Disallowance made under section 14A of the Income ... indenting agent for foreign machinery suppliers.
The assessee had taken "Keyman Insurance" policies in the name of his
son and daughter and claimed
4339/M/2012
AY:2009 -10
2. Disallowance of Keyman Insurance Premium of Rs.3,22,728/:
On the facts and circumstances of the case ... Mumbai erred in upholding the addition
of Rs.3,22,728/- for Keyman Insurance Premium paid by the company for its
Managing Director.
The Appellant
facts of the case are that the applicant was initially appointed as Keyman in the office of O.P. No3 and was charge sheeted vide ... whereby the applicant has been reverted back from the post of Keyman to Gangman in the pay scale
Counsel for the petitioner would submit that the workman was
appointed as Keyman Operator w.e.f. 01.01.2003 and was posted in Public
Health ... recorded a finding of fact that the petitioner had served as
Keyman Operator with the respondent/department from 01.01.2003 to
08.10.2004. Towards recording such finding
