Keyman insurance admissibility: premiums for partners qualify as business expenditure under Section 37; appeals to be withdrawn. Premiums paid by a firm on a Keyman Insurance Policy for a partner, obtained to safeguard the partnership against business disruption from a partner's premature death, are allowable as business expenditure; CBDT accepts High Court decisions extending keyman coverage to persons connected with the business and directs that departmental appeals on this issue should not be filed or should be withdrawn, treating such premiums as admissible under Section 37.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Keyman insurance admissibility: premiums for partners qualify as business expenditure under Section 37; appeals to be withdrawn.
Premiums paid by a firm on a Keyman Insurance Policy for a partner, obtained to safeguard the partnership against business disruption from a partner's premature death, are allowable as business expenditure; CBDT accepts High Court decisions extending keyman coverage to persons connected with the business and directs that departmental appeals on this issue should not be filed or should be withdrawn, treating such premiums as admissible under Section 37.
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