https://www.taxtmi.com/caselaws?id=212820 The High Court held that the premium paid on keyman insurance policies is allowable as business expenditure under Section 37 of the Act. The court ruled that the difference between the premium paid by the employer and the surrender value paid by the employee is not taxable income as no taxable event occurred at the time of assignment. Additionally, the maturity value received by the employee on the insurance policy is exempt from tax under Section 10(10D) of the Act. The court dismissed the Revenue's appeals and allowed the assessees' appeals in this matter. en-us Fri, 16 Dec 2011 00:00:00 +0530 Fri, 13 Feb 2015 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212820 The High Court held that the premium paid on keyman insurance policies is allowable as business expenditure under Section 37 of the Act. The court ruled that the difference between the premium paid by the employer and the surrender value paid by the employee is not taxable income as no taxable event occurred at the time of assignment. Additionally, the maturity value received by the employee on the insurance policy is exempt from tax under Section 10(10D) of the Act. The court dismissed the Revenue's appeals and allowed the assessees' appeals in this matter. Case-Laws Income Tax Fri, 16 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212820