https://www.taxtmi.com/caselaws?id=214232 The High Court upheld the Tribunal's decision that the premium paid for partners under the Keyman Insurance Policy was deductible under Section 37 of the Income Tax Act. The Court found no substantial question of law and dismissed the Revenue's appeal. The judgment clarified that partners are considered persons connected with the business of the firm, making the premium payment a legitimate business expenditure under the Act, especially after the amendment effective from October 1, 1996. en-us Tue, 13 Mar 2012 00:00:00 +0530 Sat, 23 Jun 2012 10:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214232 The High Court upheld the Tribunal's decision that the premium paid for partners under the Keyman Insurance Policy was deductible under Section 37 of the Income Tax Act. The Court found no substantial question of law and dismissed the Revenue's appeal. The judgment clarified that partners are considered persons connected with the business of the firm, making the premium payment a legitimate business expenditure under the Act, especially after the amendment effective from October 1, 1996. Case-Laws Income Tax Tue, 13 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214232