https://www.taxtmi.com/highlights?id=67534 Disallowance of premium on Insurance Policy - Keyman Insurance Policy - Once the assets are sold, the Keyman policy for the Firm becomes redundant. At the same time, a portion of the Premium cannot be disallowed as expenses, because, discontinuance of the policy has occurred due to sale of assets. Therefore, in our considered view, the disallowance being 1/3rd of the premium amount, is not sustainable. - HC en-us Fri, 06 Jan 2023 17:19:32 +0530 Fri, 06 Jan 2023 17:19:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=67534 Disallowance of premium on Insurance Policy - Keyman Insurance Policy - Once the assets are sold, the Keyman policy for the Firm becomes redundant. At the same time, a portion of the Premium cannot be disallowed as expenses, because, discontinuance of the policy has occurred due to sale of assets. Therefore, in our considered view, the disallowance being 1/3rd of the premium amount, is not sustainable. - HC Highlights Income Tax Fri, 06 Jan 2023 17:19:32 +0530 https://www.taxtmi.com/highlights?id=67534