https://www.taxtmi.com/caselaws?id=328174 The Bombay High Court held that premiums paid on Keyman Insurance Policies are allowable as business expenditure under Section 37(1) of the Income Tax Act, 1961. The Court emphasized that Keyman Insurance Policies serve to protect businesses from financial losses due to the premature death of a partner, making such premiums a legitimate business expense. The Central Board of Direct Taxes' Circular 762 supported this view, clarifying that premiums on Keyman Insurance Policies are admissible as business expenditure. The Tribunal's decision was upheld, dismissing the appeal as no substantial question of law arose in the matter. en-us Tue, 02 Feb 2016 00:00:00 +0530 Fri, 24 Jun 2016 10:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328174 The Bombay High Court held that premiums paid on Keyman Insurance Policies are allowable as business expenditure under Section 37(1) of the Income Tax Act, 1961. The Court emphasized that Keyman Insurance Policies serve to protect businesses from financial losses due to the premature death of a partner, making such premiums a legitimate business expense. The Central Board of Direct Taxes' Circular 762 supported this view, clarifying that premiums on Keyman Insurance Policies are admissible as business expenditure. The Tribunal's decision was upheld, dismissing the appeal as no substantial question of law arose in the matter. Case-Laws Income Tax Tue, 02 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328174