https://www.taxtmi.com/caselaws?id=753204 Keyman insurance premiums may qualify as business expenditure where a life insurance policy, initially taken in a partner's name, is assigned to the firm during its term, the firm becomes entitled to the proceeds, and the expenditure protects the business against loss of a key person. Assignment during the policy term falls within the statutory concept of keyman insurance, and deductibility depends on the expenditure being wholly and exclusively for business. Commission paid to non-resident agents for procuring export orders is not subject to disallowance for failure to deduct tax at source where the services are rendered outside India and no business connection or permanent establishment creates an Indian tax nexus. en-us Tue, 21 May 2024 00:00:00 +0530 Tue, 28 May 2024 09:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753204 Keyman insurance premiums may qualify as business expenditure where a life insurance policy, initially taken in a partner's name, is assigned to the firm during its term, the firm becomes entitled to the proceeds, and the expenditure protects the business against loss of a key person. Assignment during the policy term falls within the statutory concept of keyman insurance, and deductibility depends on the expenditure being wholly and exclusively for business. Commission paid to non-resident agents for procuring export orders is not subject to disallowance for failure to deduct tax at source where the services are rendered outside India and no business connection or permanent establishment creates an Indian tax nexus. Case-Laws Income Tax Tue, 21 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753204