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TMI Blog2014 (7) TMI 964X X X X Extracts X X X X X X X X Extracts X X X X ..... covers the period of next financial year - Held that:- The Tribunal was of the view that there is no dispute regarding the allowability of keyman insurance - The disallowance was made by the AO only because the assessee took the insurance policy on the last date of the financial year - expenditure came during the financial year relevant to the assessment year - the insurance policy cover is extended to the next financial year does not mean that the premium paid during the year under consideration is not an allowable expenditure – Decided against Revenue. - Income Tax Appeal No. 352 of 2012 - - - Dated:- 17-7-2014 - S. C. Dharmadhikari And B. P. Colabawalla,JJ. For the Appellant : Mr. Shashi Tulsiyan with Mr. P. C. Tripathi For ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... regard to the first question, Mr. Malhotra submits that the Tribunal was in complete error in reversing and upsetting the concurrent finding of facts. The transaction has not been appreciated in the proper perspective. In that regard, our attention has been invited by Mr. Malhotra to the order of the Assessing Officer and his findings at page 24 and 25 of the paper book. It is submitted that the assessee has declared his business that of dealing in shares, debentures, derivatives and units of mutual fund. It had declared a short term capital gain and a long term capital gain. It had declared business income from dealing in shares and a sum of ₹ 6,15,414/- as profits and gains of speculation business. Thus, the details were perused and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by re-appreciating and reappraising the factual materials. If the Tribunal does not hold that the concurrent findings are perverse, then, all the more, this question is a substantial question of law. 4] As far as question at para 6.2 is concerned, it is conceded by Shri Malhotra that the same is covered against the revenue and in favour of the assessee by a judgment of this Court in the case of Godrej Boyce Manufacturing Pvt. Ltd. V/s. Assistant Commissioner of Income Tax reported in 328 ITR 81. 5] As far as third question is concerned, our attention is invited to para 11 of the Tribunal's order and it is submitted that the findings of fact rendered by the Assessing Officer that the assessee paid a premium only on the last dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e shown in trading portfolio. The Tribunal noted that there is no bar of trading in the share as well as keeping some scrips in the investment portfolio. The assessee has maintained a separate portfolio right from the beginning with regard to the transactions/investment and where the shares had been treated. The total number of transactions are only 27 during the entire period. This itself shows that the activity of sale and purchase of shares in the investment portfolio is not frequent. None of the transactions in the same scrips are repetitive. It is in these circumstances and finding that the volume of the investments as indicated in the separate portfolio is enough to indicate that the trading transactions have been undertaken from the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid. This has been treated as pertaining to the next financial year. This bifurcation was not permissible. The expenditure came during the financial year relevant to the assessment year under consideration. Therefore, it was allowable. In the given facts and circumstances because the insurance policy cover is extended to the next financial year does not mean that the premium paid during the year under consideration is not an allowable expenditure. This is also a finding based on the peculiar facts and circumstances and in relation to the present assessee. These findings also cannot be termed as perverse or vitiated by any error of law apparent on the face of the record. 9] As a result of the above discussion, the appeal fails. It is acco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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