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TMI Blog2012 (6) TMI 544X X X X Extracts X X X X X X X X Extracts X X X X ..... as per Section 10(10)D any sum received under a Keyman insurance policy is not to be included - "Keyman insurance policy" means a life insurance policy taken by a person on the life of another person who is or was the employee of the first-mentioned person or is or was connected in any manner whatsoever with the business of the first-mentioned person and going through the Explanation given in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as come up with the present appeal. 3. The only point raised by the Revenue in this appeal is whether the Tribunal below committed substantial error of law in holding the the premium paid for the partners under the Keyman Insurance Policy was a revenue expenditure deductible under Section 37 of the Income Tax Act. 4. In order to appreciate the aforesaid question, it would be profitable to refer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ided that the provisions of this sub-clause shall not apply to any sum received on the death of a person: Provided further that for the purpose of calculating the actual capital sum assured under this sub-clause, effect shall be given to the Explanation to sub-section (3) of section 80C or the Explanation to sub-section (2A) of section 88, as the case may be. Explanation.- For the purposes of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aken as "profits in lieu of salary" for tax purposes; and in case of other persons having no employer-employee relationship, the surrender value of the policy of the sum received under the policy be taken as income from other sources and taxed accordingly. The premium paid on the Keyman Insurance Policy is allowed as business expenditure. The amendment had taken effect from October 1, 1996. 7. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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