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of <h1>Kerala HC allows deduction for insurance premium under Kerala Agricultural Income-tax Act</h1> The Kerala HC ruled in favor of the assessee, allowing deduction for insurance premium under section 5(j) of the Kerala Agricultural Income-tax Act, 1950, ... Agricultural Income, Business Expenditure, Expenditure Incurred, Income Tax, Wholly And Exclusively The Kerala High Court ruled in favor of the assessee, allowing the deduction for the premium paid on insurance against loss or theft of cash in transit under section 5(j) of the Kerala Agricultural Income-tax Act, 1950. The Tribunal found that the expenditure was allowable as it was intimately connected with the business and necessary for deriving income from the estate. The Court declined to answer question No. 2 and directed each party to bear their own costs.
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