https://www.taxtmi.com/caselaws?id=172757 The Tribunal upheld the deletion of the addition to the Keyman Insurance Premium, ruling in favor of the assessee. It determined that the insurance policy was valid, accepted by the company, and compliant with tax regulations. The Tribunal emphasized that the policy was beneficial for the business and not against public policy, rejecting the Department's argument that it did not comply with Insurance Regulatory Guidelines. The decision affirmed that the premium paid on the Keyman Insurance Policy was allowable as business expenditure under the Income Tax Act. en-us Thu, 30 Jun 2011 00:00:00 +0530 Fri, 28 Aug 2015 14:57:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=172757 The Tribunal upheld the deletion of the addition to the Keyman Insurance Premium, ruling in favor of the assessee. It determined that the insurance policy was valid, accepted by the company, and compliant with tax regulations. The Tribunal emphasized that the policy was beneficial for the business and not against public policy, rejecting the Department's argument that it did not comply with Insurance Regulatory Guidelines. The decision affirmed that the premium paid on the Keyman Insurance Policy was allowable as business expenditure under the Income Tax Act. Case-Laws Income Tax Thu, 30 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=172757