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Rajan Nanda & Others vs. Commissioner of Income Tax: Taxability of Keyman Insurance Policies under Section 10(10D), Section 17(3)(ii), and Section 37(1) of the Income Tax Act
2. Facts of the Case
The
corporate entity, Escorts Heart Institute & Research Centre Ltd.
(the corporate employer), purchased multiple "Keyman Insurance
Policies" on the lives of its key executive...
Airport Authority of India vs. Commissioner of Income Tax: An Analytical Study on Capital vs. Revenue Expenditure Regarding Removal of Encroachments and Accrual of Income Under the Mercantile System of Accounting (2011:DHC:11857-DB)
Facts of the CaseThe Airport Authority of India (the Assessee) faced
challenges with illegal encroachments (slums and hutments) around its airport
security areas, which posed safety risks to aircraft operations due to ...
Rajan Nanda vs Commissioner of Income Tax: Taxability of Keyman Insurance Policies and Assignment Surrender Value
Facts of the CaseThe case involves a recurring scenario where a company, Escorts
Heart Institute & Research Centre Ltd., obtained "Keyman"
insurance policies on the lives of its employees/Directors, including Mr. R...
Airport Authority of India Vs. Commissioner of Income Tax: Business Expenditure under Section 37(1) vs Capital Outlay on Slum Removal Encroachments & Mercantile Accrual of Disputed Income on Proforma Invoices under Section 28 / Section 145 of the Income Tax Act, 1961.
FACTS OF THE CASE
Statutory
Framework and Business Mandate: The Appellant, Airport
Authority of India (AAI), is a premier statutory authority initially
constituted under the International Airports Aut...
Airport Authority of India Vs. Commissioner of Income Tax: Business Expenditure under Section 37(1) vs Capital Outlay on Slum Removal Encroachments & Mercantile Accrual of Disputed Income on Proforma Invoices under Section 28 / Section 145 of the Income Tax Act, 1961.
FACTS OF THE CASE
Statutory
Framework and Business Mandate: The Appellant, Airport
Authority of India (AAI), is a premier statutory authority initially
constituted under the International Airports Aut...
Airport Authority of India vs. Commissioner of Income Tax: Revenue vs. Capital Treatment of Encroachment Removal Provisions and Accrual of Proforma Invoice Income Under Mercantile Accounting
Facts of the Case
The
Assessee's Profile: The Appellant, Airport Authority of
India (AAI), is a statutory body constituted under the Airport Authorities
Act, 1994, responsible for managing, operating,...
Airport Authority of India vs. Commissioner of Income Tax: Deduction of Encroachment Removal Provisions Under Mercantile Accounting and Accrual of Income via Proforma Invoices Under Section 28 & Section 37(1) of Income Tax Act
Facts of the CaseThe appellant, Airport Authority of India (AAI), is a
statutory authority constituted initially under the International Airports
Authority of India Act, 1972, and subsequently governed by the Airports
...
Commissioner of Income Tax vs. Rajan Nanda, Dr. Naresh Kumar Trehan, and Escorts Heart Institute and Research Centre Ltd. [2011:DHC:11901-DB] – Taxability of Assigned Keyman Insurance Policies under Section 10(10D), Section 17(3)(ii), and Business Expenditure Claims under Section 37(1) of the Income Tax Act, 1961.
Facts of the Case
Corporate
Policy Inception: The assessee company, Escorts Heart
Institute and Research Centre Ltd., purchased multiple "Keyman
Insurance Policies" from the Life Insurance Corporation...
Commissioner of Income Tax vs. Rajan Nanda, Dr. Naresh Kumar Trehan, and Escorts Heart Institute and Research Centre Ltd. — Taxation of Keyman Insurance Policy Premium, Assignment Surrender Value, and Maturity Proceeds under Sections 10(10D), 17(3), and 37(1) of the Income Tax Act, 1961.
2. Facts of the Case
Policy
Inception: The corporate assessee, M/s Escorts Heart
Institute & Research Centre Ltd., purchased multiple "Keyman
Insurance Policies" on the lives of its key executives...
Commissioner of Income Tax vs. Rajan Nanda, Dr. Naresh Trehan, & Escorts Heart Institute and Research Centre Ltd. — Allowability of Keyman Insurance Premium u/s 37(1) and Taxability of Maturity Proceeds u/s 10(10D) and 17(3)
Facts of the Case
The
Arrangement: The corporate entity, Escorts Heart
Institute and Research Centre Ltd. (the company), consistently purchased
Keyman Insurance Policies on the lives of its key direct...