There is no rational basis to confine allowability of expenditure incurred on premium paid towards a Keyman Insurance policy only to a situation where policy is in respect of life of an employee
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Keyman Insurance Policy for section 10(10D) is not confined to a policy taken by a person on life of an employee, but also extends to an insurance policy taken with respect to life of another who is connected in any manner whatsoever with business of subscriber
HIGH COURT OF BOMBAY
CIT
v.
B. N. Exports
ITA No. 2714 of 2009
March 31, 2010
