https://www.taxtmi.com/caselaws?id=155060 The Tribunal upheld the deduction of Rs. 82,48,725 under section 37(1) of the Income-tax Act, 1961 for the Keyman insurance policy premium. It ruled that the insurance was taken for the benefit of the firm, not the partners individually, to safeguard against potential losses from a partner's demise. The Tribunal found the premium to be incurred wholly and exclusively for business purposes, in line with precedents. Consequently, the Revenue's appeal was dismissed, affirming the allowance of the deduction. en-us Fri, 27 May 2011 00:00:00 +0530 Sat, 31 Aug 2013 11:57:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=155060 The Tribunal upheld the deduction of Rs. 82,48,725 under section 37(1) of the Income-tax Act, 1961 for the Keyman insurance policy premium. It ruled that the insurance was taken for the benefit of the firm, not the partners individually, to safeguard against potential losses from a partner's demise. The Tribunal found the premium to be incurred wholly and exclusively for business purposes, in line with precedents. Consequently, the Revenue's appeal was dismissed, affirming the allowance of the deduction. Case-Laws Income Tax Fri, 27 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=155060