https://www.taxtmi.com/caselaws?id=753204 An assigned life insurance policy continued to qualify as keyman insurance where the partner had transferred it to the firm during its term, the proceeds were received by the firm, and the premium was incurred to protect the business against loss of a key person; the premium was therefore deductible as business expenditure. Commission paid to non-resident agents for procuring export orders was also not disallowable, because services rendered outside India did not give rise to income accruing or arising in India in the absence of a business connection or permanent establishment. The note records that both issues were resolved in favour of the assessee. 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 An assigned life insurance policy continued to qualify as keyman insurance where the partner had transferred it to the firm during its term, the proceeds were received by the firm, and the premium was incurred to protect the business against loss of a key person; the premium was therefore deductible as business expenditure. Commission paid to non-resident agents for procuring export orders was also not disallowable, because services rendered outside India did not give rise to income accruing or arising in India in the absence of a business connection or permanent establishment. The note records that both issues were resolved in favour of the assessee. Case-Laws Income Tax Tue, 21 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753204