https://www.taxtmi.com/caselaws?id=258038 The Tribunal dismissed the assessee's appeal regarding the disallowance of expenditure claimed as keyman insurance premium. The Tribunal emphasized the necessity of proving that the expenditure was incurred wholly and exclusively for business purposes, as required for deduction under section 37(1) of the Income Tax Act. Despite acknowledging the genuineness of the expenditure for business, the Tribunal found the assessee failed to conclusively establish its business purpose, leading to doubts about its genuineness. Consequently, the Tribunal upheld the disallowance of the claimed keyman insurance premium. en-us Fri, 11 Jul 2014 00:00:00 +0530 Fri, 13 Mar 2015 14:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258038 The Tribunal dismissed the assessee's appeal regarding the disallowance of expenditure claimed as keyman insurance premium. The Tribunal emphasized the necessity of proving that the expenditure was incurred wholly and exclusively for business purposes, as required for deduction under section 37(1) of the Income Tax Act. Despite acknowledging the genuineness of the expenditure for business, the Tribunal found the assessee failed to conclusively establish its business purpose, leading to doubts about its genuineness. Consequently, the Tribunal upheld the disallowance of the claimed keyman insurance premium. Case-Laws Income Tax Fri, 11 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258038