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

ITA 675/LKW/2014 | 2006-2007
Pronouncement Date: 30-04-2015 | Result: Allowed

Appeal Details

RSA Number 67523714 RSA 2014
Assessee PAN AABFT8692A
Bench Lucknow
Appeal Number ITA 675/LKW/2014
Duration Of Justice 8 month(s) 7 day(s)
Appellant M/s Taj Export Corporation, Kanpur
Respondent Addl. Commissioner of Income Tax, Kanpur
Appeal Type Income Tax Appeal
Pronouncement Date 30-04-2015
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted B
Tribunal Order Date 30-04-2015
Date Of Final Hearing 20-03-2015
Next Hearing Date 20-03-2015
Assessment Year 2006-2007
Appeal Filed On 22-08-2014
Judgment 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