https://www.taxtmi.com/caselaws?id=183124 The Tribunal allowed the appeal filed by the assessee against the order of the ld. CIT under section 263 of the Income-tax Act, 1961. The Tribunal held that the disallowance of the premium on Keyman Insurance policy was incorrect as the expenses were recognized in the books of account in accordance with the mercantile system of accounting. The decision emphasizes the significance of adhering to accounting principles and ensuring expenses are linked to the relevant assessment year for accrual basis accounting. en-us Wed, 11 Jan 2012 00:00:00 +0530 Mon, 30 May 2016 15:13:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183124 The Tribunal allowed the appeal filed by the assessee against the order of the ld. CIT under section 263 of the Income-tax Act, 1961. The Tribunal held that the disallowance of the premium on Keyman Insurance policy was incorrect as the expenses were recognized in the books of account in accordance with the mercantile system of accounting. The decision emphasizes the significance of adhering to accounting principles and ensuring expenses are linked to the relevant assessment year for accrual basis accounting. Case-Laws Income Tax Wed, 11 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183124