Tribunal rules Key Man insurance premium as business expense u/s 37, but lacks evidence and justification.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Eligibility of deduction of entire sum paid to the insurance company as premium on Key Man insurance policy u/s 37 - In the case on hand, with regard to the insurance premium paid by the assessee is concerned, the Tribunal, without giving any acceptable finding, came to the conclusion that the sum should be treated as business expenditure. That apart, the assessee also failed to produce any documentary evidence to justify their claim under Section 37(1) . - HC....