https://www.taxtmi.com/caselaws?id=336773 Privilege fee, special privilege fee and sports privilege fee paid by a liquor-trade corporation to the State were treated as deductible business expenditure under section 37, following the later Karnataka High Court view and the position that the retrospective disallowance provision from 1 April 2014 did not apply to the years in question; the separate plea that the amounts were diverted by overriding title was rejected. Interest credited by LIC on the group leave encashment fund required factual verification, including the adjustment against the next year's premium contribution, so the matter was remitted to the Assessing Officer for fresh decision. en-us Wed, 21 Dec 2016 00:00:00 +0530 Mon, 03 Apr 2017 10:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336773 Privilege fee, special privilege fee and sports privilege fee paid by a liquor-trade corporation to the State were treated as deductible business expenditure under section 37, following the later Karnataka High Court view and the position that the retrospective disallowance provision from 1 April 2014 did not apply to the years in question; the separate plea that the amounts were diverted by overriding title was rejected. Interest credited by LIC on the group leave encashment fund required factual verification, including the adjustment against the next year's premium contribution, so the matter was remitted to the Assessing Officer for fresh decision. Case-Laws Income Tax Wed, 21 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336773