https://www.taxtmi.com/caselaws?id=121727 The Tribunal upheld the allowability of the Keyman Insurance Policy premium as a business expenditure, confirming the partnership firm's separate entity status from its partners. However, it partially allowed the Revenue's appeal by upholding the disallowance of interest on debit balances in partners' capital accounts, directing a re-computation after crediting monthly payable salaries to partners. The assessee's cross-objection was dismissed due to a filing delay without a valid reason. en-us Fri, 12 Dec 2008 00:00:00 +0530 Wed, 05 Jun 2013 15:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121727 The Tribunal upheld the allowability of the Keyman Insurance Policy premium as a business expenditure, confirming the partnership firm's separate entity status from its partners. However, it partially allowed the Revenue's appeal by upholding the disallowance of interest on debit balances in partners' capital accounts, directing a re-computation after crediting monthly payable salaries to partners. The assessee's cross-objection was dismissed due to a filing delay without a valid reason. Case-Laws Income Tax Fri, 12 Dec 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121727