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TMI Blog2019 (1) TMI 1212X X X X Extracts X X X X X X X X Extracts X X X X ..... sudden death of partner, would be an allowable expenditure. The Tribunal had in fact relied on this decision while dismissing the Revenue's appeal. In view of the decisions of the various High Courts, the Central Board of Direct Taxes had also issued a Circular bearing No. 38/16 dated 22.11.2016 accepting such a view, making a particular reference to the decision of the Punjab & Haryana High Court in case of M/s. Ramesh Steels (2016 (5) TMI 1155 - PUNJAB & HARYANA HIGH COURT). The Tribunal has also relied on this circular. Therefore, the Revenue's objection in law is not sustainable. Even if we permit the Revenue to travel beyond what was argued before the Tribunal, the question whether the policy was a Keyman Policy or not has bee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case and in law, the Tribunal was justified in deleting the addition made on account of disallowance of Keyman Insurance Policy in spite of the fact that the said policy is personal insurance policy rather than Keyman Inusrance Policy? (ii) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in deleting the addition made by the Assessing Officer u/S. 14A of the Income Tax Act in spite of the fact that no nexus has been proved by the assessee in support of the claim that the borrowed funds have not been utilized for the purchase of shares? (iii) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in allowing the appeal of the assessee wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and held that the insurance policy taken out to protect the interest of the partnership firm against disruption in case of sudden death of partner, would be an allowable expenditure. The Tribunal had in fact relied on this decision while dismissing the Revenue's appeal. We, further, note that in view of the decisions of the various High Courts, the Central Board of Direct Taxes had also issued a Circular bearing No. 38/16 dated 22.11.2016 accepting such a view, making a particular reference to the decision of the Punjab Haryana High Court in case of M/s. Ramesh Steels (ITA No. 437 of 2015) dated 2.2.2016. The Tribunal has also relied on this circular. 4. Essentially, therefore, the Revenue's objection in law is not sus ..... X X X X Extracts X X X X X X X X Extracts X X X X
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