M/S Taj Export Corporation, Kanpur vs Assessee

M/s Taj Export Corporation, Vs. Addl.C.I.T., Range - 5, 123/243 B T P Nagar, Kanpur Kanpur - 208023 PAN:AABFT8692A (Appellant) (Respondent) Assessee by Shri Ashok Seth, C. A. Revenue by Shri Amit Nigam, DR Date of hearing 20/03/2015 Date of pronouncement 30/04/2015

ORDER

PER A. K. GARODIA, A.M.

This is assessee's appeal directed against the order of Learned CIT (A) - I Kanpur Dated 26.05.2014 for A.Y. 2006 - 2007.

2. The only grievance of the assessee is regarding disallowance 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 orders 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 following 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:30/04/2015 *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