https://www.taxtmi.com/caselaws?id=26497 The High Court ruled against the assessee, a partnership firm, regarding the deductibility of insurance premiums under sections 36(1)(i) and 37(1) of the Income-tax Act, 1961. The insurance policies were held not to cover business risks but to secure liquid cash for paying off deceased partners' legal heirs, constituting capital expenditure and not deductible. The court denied the deduction of Rs. 9,839, upholding the Revenue's position and rejecting the appeal for a Supreme Court certificate. en-us Tue, 01 Oct 1985 00:00:00 +0530 Fri, 05 Feb 2010 13:42:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26497 The High Court ruled against the assessee, a partnership firm, regarding the deductibility of insurance premiums under sections 36(1)(i) and 37(1) of the Income-tax Act, 1961. The insurance policies were held not to cover business risks but to secure liquid cash for paying off deceased partners' legal heirs, constituting capital expenditure and not deductible. The court denied the deduction of Rs. 9,839, upholding the Revenue's position and rejecting the appeal for a Supreme Court certificate. Case-Laws Income Tax Tue, 01 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26497