https://www.taxtmi.com/caselaws?id=244241 The ITAT, Ahmedabad, upheld the decision in favor of the assessee, allowing the deduction for the premium payment of a Keyman Insurance Policy taken for the benefit of the firm to protect against potential setbacks from the death of a partner. The Tribunal emphasized the business purpose behind the insurance policy, ruling that the expenditure was incurred wholly and exclusively for business purposes. The judgment highlighted the commercial necessity and business protection aspect of the insurance policy, leading to the disallowance of the disallowance made by the Assessing Officer. en-us Fri, 15 Nov 2013 00:00:00 +0530 Fri, 21 Feb 2014 09:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244241 The ITAT, Ahmedabad, upheld the decision in favor of the assessee, allowing the deduction for the premium payment of a Keyman Insurance Policy taken for the benefit of the firm to protect against potential setbacks from the death of a partner. The Tribunal emphasized the business purpose behind the insurance policy, ruling that the expenditure was incurred wholly and exclusively for business purposes. The judgment highlighted the commercial necessity and business protection aspect of the insurance policy, leading to the disallowance of the disallowance made by the Assessing Officer. Case-Laws Income Tax Fri, 15 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244241