https://www.taxtmi.com/caselaws?id=327634 A keyman insurance premium was held allowable as a deduction because the policy satisfied the statutory definition of a life insurance policy taken on the life of a person connected with the assessee's business under the Explanation to section 10(10D) of the Income-tax Act, 1961. The Tribunal rejected the attempt to add a further requirement that the policy be a pure insurance policy, noting that IRDA-based conditions not found in the statute could not be imported to deny relief. It also rejected objections based on commercial expediency and assignment of the policy, and sustained the deduction on the statutory test applied in the earlier connected decision. en-us Tue, 22 Mar 2016 00:00:00 +0530 Mon, 16 May 2016 09:59:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327634 A keyman insurance premium was held allowable as a deduction because the policy satisfied the statutory definition of a life insurance policy taken on the life of a person connected with the assessee's business under the Explanation to section 10(10D) of the Income-tax Act, 1961. The Tribunal rejected the attempt to add a further requirement that the policy be a pure insurance policy, noting that IRDA-based conditions not found in the statute could not be imported to deny relief. It also rejected objections based on commercial expediency and assignment of the policy, and sustained the deduction on the statutory test applied in the earlier connected decision. Case-Laws Income Tax Tue, 22 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327634