2019 (1) TMI 1212

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.....: 1. Revenue is in the appeal against the judgment of the Income Tax Appellate Tribunal ("the Tribunal" for short) dated 28.8.2015 raising following questions for our consideration :- "(i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in deleting the addition made on account of disallowance of Keyman Insurance Policy in spite of the fact th....

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....ept as stock in trade? 2. Respondent - assessee is a partnership firm. The questions arise in relation to assessment year 2010-11. The first question arises out of Revenue's objection to the respondent - partnership firm claiming expenditure in relation to the payments made towards Keyman Insurance Policy. The Assessing Officer was of the opinion that the policy of insurance taken out by th....

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.... Income Tax Vs. B.N. Exports  [2010] 323 ITR 178 (Bombay) has examined such an issue and held that the insurance policy taken out to protect the interest of the partnership firm against disruption in case of sudden death of partner, would be an allowable expenditure. The Tribunal had in fact relied on this decision while dismissing the Revenue's appeal. We, further, note that in view o....

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....uestion Nos. 2 and 3 are overlapping and pertain to the Revenue's objection to the limited disallowance of an expenditure offered by the assessee for earning income exempt from tax which Tribunal accepted. Question No. 3 is an element of the same question where the Revenue argued that such disallowance cannot be discarded in relation to the shares held by the assessee by way of stock in trade.....