issued by the 7th respondent staying selection to
the post of Keyman and Gangmate as cut off date, for
restructuring applicants as Track Maintainer ... case of the petitioner that he was working as a Keyman of
SVKS Section in the year 2013 and the Southern Railway Divisional
Permanent
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
assessee was ₹.6,19,792 [Total
remuneration : ₹.92,39,034 - Keyman Insurance: ₹.86,19,242]. In order to
verify the above claim, the Assessing Officer ... artificially increased
the profit of the EOU unit by setting off the Keyman Insurance of
₹.86,19,242/- to claim huge amount as exemption under
amount of Rs.7,73,347/- debited by the assessee towards keyman
insurance premium on the ground that since partners in whose name the
insurance ... amount of Rs.7,73,347/- debited by the
assessee to keyman insurance premium on the ground that keyman
insurance premium does not include partners
assessee has
raised the following grounds of appeal:-
"Disallowance of Keyman Insurance Premium ofRs.13.08.S52/-
2
ITA 1701/Mum/2018 ... Learned CIT(A) erred in confirming the disallowance of Keyman insurance
premium of Rs.13,08,552/-, without appreciating that the Nominee of the policy
interfere in the order of the Ld. CIT(A).
Grounds relating to Keyman Insurance Policy:
18. The provisions of section ... read with section 2(24)(xi)
relating to bonus on Keyman Insurance Policy includes:
"Any some received under a Keyman Insurance Policy including
disallowance made by the Assessing Officer in respect of premium
paid to Keyman Insurance Policy.
15. Briefly stated the facts are that, in the course ... assessment
proceedings Assessing Officer noticed that the assessee has taken
Keyman Insurance Policy for the Chairman and also the Managing
Director with HDFC and paid
PCIT noticed
that the assessee had debited Rs. 10 lacs as 'Keyman Insurance Policy'
ITA No. 772/Chd/2017-
M/s Worldwide Immigration ... explained in this
respect that the assessee company took a unit linked keyman insurance
policy from Max Life Insurance. As per the insurance premium receipt
justified in deleting the
addition made on account of disallowance of Keyman
Insurance Policy in spite of the fact that the said policy is
personal ... insurance policy rather than Keyman Inusrance
Policy?
(ii) Whether on the facts and in the circumstances of the case
and in law, the Tribunal
account of
expenditure on purchase of shares and Keyman Insurance respectively.
Against the said order passed by the Assessing Officer under section ... Officer on account of disallowance of
expenditure on purchase of shares and Keyman Insurance. Against the
said order of the ld. CIT(Appeals), an appeal
