https://www.taxtmi.com/caselaws?id=799770 Insurance premiums paid for director-focused long-term reward policies were not deductible as business expenditure where the policies were not Keyman Insurance Policies, benefits accrued to directors, nominees or heirs rather than the employer, and the premiums were not taxed as director perquisites. The expenditure therefore failed the wholly and exclusively business-purpose test. Reassessment was sustained because acceptance of a similar claim in another assessment year did not create res judicata, and later-year scrutiny information on policy terms constituted tangible material indicating escaped income. The sanction challenge lacked supporting approval records or other material. en-us Wed, 16 Sep 2026 00:00:00 +0530 Sat, 26 Sep 2026 08:31:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799770 Insurance premiums paid for director-focused long-term reward policies were not deductible as business expenditure where the policies were not Keyman Insurance Policies, benefits accrued to directors, nominees or heirs rather than the employer, and the premiums were not taxed as director perquisites. The expenditure therefore failed the wholly and exclusively business-purpose test. Reassessment was sustained because acceptance of a similar claim in another assessment year did not create res judicata, and later-year scrutiny information on policy terms constituted tangible material indicating escaped income. The sanction challenge lacked supporting approval records or other material. Case-Laws Income Tax Wed, 16 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799770