Cash-method accounting bars presumptive interest taxation, while unsupported securities and share-trading additions require reliable material and veri...
Section 7 admission requires established financial debt and default, not precise interest quantification, while post-suspension defaults remain action...
Disallowance of key man insurance premium paid - it is not known how the payment of ₹ 10 lakhs towards premium is going to protect the assessee-company from adverse financial effects in case of unexpected death of the Managing Director. When the assessee-company is not eligible to make a claim since the keyman insurance policy holder is holding more than 51% of the shares in the company, this Tribunal is of the considered opinion that such a expenditure was not for business purposes. - AT
Disallowance of key man insurance premium paid - it is not known how the payment of ₹ 10 lakhs towards premium is going to protect the assessee-company from adverse financial effects in case of unexpected death of the Managing Director. When the assessee-company is not eligible to make a claim since the keyman insurance policy holder is holding more than 51% of the shares in the company, this Tribunal is of the considered opinion that such a expenditure was not for business purposes. - AT
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