https://www.taxtmi.com/caselaws?id=262455 The High Court dismissed the appeals, emphasizing consistency in tax assessments. It held that the 'keyman insurance policy' claimed as a business expenditure qualified as such, rejecting the Revenue's argument based on IRDA circulars. Additionally, the Court upheld the Assessee's treatment of Rs. 50 lakhs as capital gains for AY 2007-08, denying the Revenue's later contention that it should be considered business income. The Court found no substantial question of law and dismissed the appeals, maintaining the initial assessments. en-us Wed, 29 Jul 2015 00:00:00 +0530 Tue, 11 Aug 2015 07:41:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262455 The High Court dismissed the appeals, emphasizing consistency in tax assessments. It held that the 'keyman insurance policy' claimed as a business expenditure qualified as such, rejecting the Revenue's argument based on IRDA circulars. Additionally, the Court upheld the Assessee's treatment of Rs. 50 lakhs as capital gains for AY 2007-08, denying the Revenue's later contention that it should be considered business income. The Court found no substantial question of law and dismissed the appeals, maintaining the initial assessments. Case-Laws Income Tax Wed, 29 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262455