https://www.taxtmi.com/caselaws?id=70132 The ITAT ruled in favor of the assessee on multiple issues, including disallowed expenses for the assessment year 1966-67, advances to staff, and the tax treatment of interest and life insurance premium deduction for subsequent years. The tribunal found that the disallowances lacked sufficient grounds and were allowable expenses incurred in the normal course of business. Additionally, it allowed the deduction of the life insurance premium, considering the wife's income as part of the assessee's income for the purpose of the deduction provision. en-us Mon, 30 Dec 1974 00:00:00 +0530 Thu, 14 Apr 2011 15:15:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70132 The ITAT ruled in favor of the assessee on multiple issues, including disallowed expenses for the assessment year 1966-67, advances to staff, and the tax treatment of interest and life insurance premium deduction for subsequent years. The tribunal found that the disallowances lacked sufficient grounds and were allowable expenses incurred in the normal course of business. Additionally, it allowed the deduction of the life insurance premium, considering the wife's income as part of the assessee's income for the purpose of the deduction provision. Case-Laws Income Tax Mon, 30 Dec 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70132