https://www.taxtmi.com/caselaws?id=76319 HC dismissed the Revenue's appeal, affirming the Tribunal's finding that premiums paid on a Keyman insurance policy were incurred wholly and exclusively for business purposes and therefore allowable as business expenditure. The court held the circular clarified tax treatment, rejecting any limitation that such allowability applies only where the insured is an employee; a partner's life insured to protect the firm against financial disruption qualifies. The appeal raised no substantial question of law. No order as to costs. en-us Wed, 31 Mar 2010 00:00:00 +0530 Mon, 17 Nov 2025 17:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76319 HC dismissed the Revenue's appeal, affirming the Tribunal's finding that premiums paid on a Keyman insurance policy were incurred wholly and exclusively for business purposes and therefore allowable as business expenditure. The court held the circular clarified tax treatment, rejecting any limitation that such allowability applies only where the insured is an employee; a partner's life insured to protect the firm against financial disruption qualifies. The appeal raised no substantial question of law. No order as to costs. Case-Laws Income Tax Wed, 31 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76319