Director being not Beneficiary cannot be Assignee under Keyman Insurance Policy:  ITAT allows Deduction u/s 57 of Income Tax Act [Read Order]

Director - Beneficiary - Assignee - Keyman Insurance Policy - ITAT - Deduction - Income Tax Act

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has allowed the deduction under Section 57 of the Income Tax Act 1961 as the director being not beneficiary could not be the assignee under keyman insurance policy. The assessment in the hands of the assessee for AY 2018-19 was completed by the AO under Section…

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