https://www.taxtmi.com/caselaws?id=242228 The court upheld the Tribunal's decision that the premium paid for a policy covering leave encashment falls under Section 37 of the Income-Tax Act, allowing for its deduction as it was spent wholly and exclusively for the business. The court emphasized that the payment did not constitute capital expenditure or personal expenses, affirming that it qualified for deduction under Section 37. The appeal was dismissed, affirming the deductibility of the premium in computing taxable income. en-us Thu, 26 Dec 2013 00:00:00 +0530 Fri, 10 Jan 2014 10:36:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242228 The court upheld the Tribunal's decision that the premium paid for a policy covering leave encashment falls under Section 37 of the Income-Tax Act, allowing for its deduction as it was spent wholly and exclusively for the business. The court emphasized that the payment did not constitute capital expenditure or personal expenses, affirming that it qualified for deduction under Section 37. The appeal was dismissed, affirming the deductibility of the premium in computing taxable income. Case-Laws Income Tax Thu, 26 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242228