[aaykarbhavan] Premium paid for Keyman Insurance Policy taken on life of a partner is an allowable exp.

Premium paid for Keyman Insurance Policy taken on life of a partner is an allowable exp.

April 19, 2014[2014] 44 taxmann.com 31 (Mumbai - Trib.)

IT : When Keyman Insurance Policy is obtained on a life of a partner to safeguard firm against a disruption of business, payment for premium on such policy is allowable as business expenditure

 

Regards

Prarthana Jalan

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