welfare of such employees; (p) any sum received under a Keyman insurance policy including the sum allocated by way of bonus on such policy ... which people compete to win prizes or any other similar game; (B) "Keyman insurance policy" shall have the meaning assigned to it in Schedule
section 3(g) of the Institutes of Technology Act, 1961; (8) "Keyman insurance policy" shall have the meaning assigned to it in Schedule II (Note
gains of business or profession"; (d) any sum received under a Keyman insurance policy, as defined in Schedule II (Note 1) including the bonus allocated
goods or provision for services; (i) any sum received under a Keyman insurance policy including the sum allocated by way of bonus on such policy
interest on such contributions; or (iii) any sum received under a Keyman insurance policy as defined in Schedule II (Note 1), including the sum allocated
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
Keyman - Subedar vs State Of U.P. And 2 Others on 14 November, 2025
HIGH COURT OF JUDICATURE AT ALLAHABAD
Neutral Citation ... JUDICATURE AT ALLAHABAD
CRIMINAL MISC. WRIT PETITION No. - 26004 of 2025
Keyman - Subedar
.....Petitioner(s)
Versus
State Of U.P. And 2 Others
.....Respondent
assessee explained that such policies were for the purposes of keyman risk
protection and were integral to business operations. However, the AO
observed that ... assessee failed to prove the policies were in the nature of "keyman
insurance". He concurred with the AO's findings that
Show Cause Notices (SCN) dated 16.05.2008
and 02.08.2010, issued to M/s Keyman Laminators
Pvt Ltd and M/s Rimjhim Ispat Ltd. respectively.
3
Dropping ... evasion case vide Order-in-Original dated
22.11.2010, booked against M/s Keyman Laminators
Pvt Ltd. The said article of charge consisted of four
allegations
however, observed that proceeds were in
relation to maturity of a 'keyman insurance policy' which was
claimed to have been assigned ... appeal, learned counsel for
the assessee submitted that a 'Keyman Insurance Policy' was
initially obtained by M/s. Uma Polymers
