https://www.taxtmi.com/caselaws?id=264130 Premium on a keyman insurance policy structured as a unit linked endowment plan was held deductible because the statutory definition under the Explanation to section 10(10D) requires only a life insurance policy taken on the life of a person connected with the business. The Tribunal rejected extra-statutory restrictions based on IRDA circulars, the policy's investment component, or the fact that the insured was a partner, and held that these features did not take the policy outside the definition. Section 14A was held inapplicable on the admitted facts, and the premium was treated as commercial expenditure incurred to protect the business against the death of a key person, so the disallowance was deleted. en-us Mon, 31 Aug 2015 00:00:00 +0530 Sat, 05 Mar 2016 18:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264130 Premium on a keyman insurance policy structured as a unit linked endowment plan was held deductible because the statutory definition under the Explanation to section 10(10D) requires only a life insurance policy taken on the life of a person connected with the business. The Tribunal rejected extra-statutory restrictions based on IRDA circulars, the policy's investment component, or the fact that the insured was a partner, and held that these features did not take the policy outside the definition. Section 14A was held inapplicable on the admitted facts, and the premium was treated as commercial expenditure incurred to protect the business against the death of a key person, so the disallowance was deleted. Case-Laws Income Tax Mon, 31 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264130