https://www.taxtmi.com/highlights?id=26752 Disallowance of key man insurance premium paid - it is not known how the payment of ₹ 10 lakhs towards premium is going to protect the assessee-company from adverse financial effects in case of unexpected death of the Managing Director. When the assessee-company is not eligible to make a claim since the keyman insurance policy holder is holding more than 51% of the shares in the company, this Tribunal is of the considered opinion that such a expenditure was not for business purposes. - AT en-us Sat, 02 Jan 2016 12:42:27 +0530 Sat, 02 Jan 2016 12:42:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=26752 Disallowance of key man insurance premium paid - it is not known how the payment of ₹ 10 lakhs towards premium is going to protect the assessee-company from adverse financial effects in case of unexpected death of the Managing Director. When the assessee-company is not eligible to make a claim since the keyman insurance policy holder is holding more than 51% of the shares in the company, this Tribunal is of the considered opinion that such a expenditure was not for business purposes. - AT Highlights Income Tax Sat, 02 Jan 2016 12:42:27 +0530 https://www.taxtmi.com/highlights?id=26752