M/s Taj Export Corporation, Kanpur V. Addl. Commissioner of Income Tax, Kanpur

ITA 675/LKW/2014

• Counselvise Citation: 67523714 RSA 2014
• Duration Of Justice: 8 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-04-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 20-03-2015
• Assessment Year: 2006-2007
• Appeal Filed On: 22-08-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: ASHOK SETH

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH B , LUCKNOW BEFORE SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER AND SHRI A.K. GARODIA, ACCOUNTANT MEMBER ITA NO. 675 /LKW/20 14 ASSESSMENT YEAR:200 6 - 20 0 7 M/S TAJ EXPORT CORPORATION , 1 23/243 B T P NAGAR, KANPUR - 208023 PAN:A ABFT8692A VS. ADDL. C.I.T. , RANGE - 5 , KANPUR (APPELLANT) (RESPONDENT) A SSESSEE BY SHRI ASHOK SETH , C. A. RE VENUE BY SHRI A MIT NIGAM , DR DATE OF HEARING 2 0 /0 3 /201 5 DATE OF PRONOUNCEMENT 3 0 /0 4 /201 5 O R D E R PER A. K. GARODIA, A.M. T HIS IS ASSESSEE S APPEAL DIRECTED AGAINST THE ORDER OF LEARNED CIT (A) I KANPUR DATED 26 .0 5 .20 14 FOR A.Y. 200 6 20 0 7 . 2. THE ONLY GRIEVANCE OF THE ASSESSEE IS REGARDING D ISALLOWANCE OF RS. 650,000/ - BEING INSURANCE PREMIUM ON LIFE OF PARTNERS . 3. LEARNED AR OF THE ASSESSEE PLACED RELIANCE ON THE TRIBUNAL ORDER IN THE CASE OF SRI NIDHI CORPORATION VS. ADDL. CIT AS REPORTED IN 44 TAXMAN.COM 31 COPY ON PAGES 21 TO 26 OF THE PAPER BOOK. LEARNED DR OF THE REVENUE SUPPORTED THE ORDE R S OF THE AUTHORITIES BELOW . LEARNED DR SUPPORTED THE ORDERS OF THE LOWER AUTHORITIES. 4 . WE HAVE CONSIDERED THE RIVAL SUBMISSIONS. WE FIND THAT IN THE CASE OF SRI NIDHI CORPORATION VS. ADDL. CIT (SUPRA) ALSO, THE DISPUTE WAS REGARDING ALLOWABILITY 2 OF KEY MAN INSURANCE PREMIUM PAID BY PARTNERSHIP FIRM ON LIFE OF A PARTNER AS IN THE PRESENT CASE. IT WAS HELD BY THE TRIBUNAL IN THAT CASE THAT SUCH PAYMENT FOR INSURANCE PREMIUM PAID BY PARTNERSHIP FIRM ON LIFE OF A PARTNER IS ALLOWABLE. RESPECTFULLY FOL LOWING THIS TRIBUNAL DECISION, WE DECIDE THIS ISSUE IN FAVOUR OF THE ASSESSEE. 5 . IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED . (ORDER WAS PRONOUNCED IN THE OPEN COURT ON THE DATE MENTIONED ON THE CAPTION PAGE) SD/. SD/. (SUNIL KUMAR YADAV) ( A. K. GARODIA ) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 3 0 /0 4 /201 5 *C.L.SINGH COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT. 3. CONCERNED CIT 4. THE CIT(A) 5. D.R., I.T.A.T., LUCKNOW ASSTT. REGISTRAR