Sunday, November 16, 2014

[aaykarbhavan] ITAT disallows premium on Keyman Insurance Policy as it wasn't incurred for business purposes



ITAT disallows premium on Keyman Insurance Policy as it wasn't incurred for business purposes

November 17, 2014[2014] 50 taxmann.com 87 (Mumbai - Trib.)
IT: Where assessee's case failed on basis of an inability to discharge onus to exhibit that premium paid on account of Keyman Insurance Policy was wholly and exclusively for business purpose, deduction claimed under section 37(1) was to be disallowed
 
Regards
Prarthana Jalan


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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>


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