https://www.taxtmi.com/caselaws?id=195736 The Tribunal ruled in favor of the assessee, a banking company, allowing the deduction of &8377; 30 lakh paid to LIC as premium under sec. 43B(f). The revenue's appeal challenging the eligibility of the payment for leave encashment benefit under the mercantile system of accounting was dismissed. The Tribunal held that the liability was discharged through the insurance policy, making the premium payment eligible for deduction. The disallowance was deleted, and the appeal was dismissed on 11th January, 2012. en-us Wed, 11 Jan 2012 00:00:00 +0530 Thu, 09 Nov 2017 12:19:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195736 The Tribunal ruled in favor of the assessee, a banking company, allowing the deduction of &8377; 30 lakh paid to LIC as premium under sec. 43B(f). The revenue's appeal challenging the eligibility of the payment for leave encashment benefit under the mercantile system of accounting was dismissed. The Tribunal held that the liability was discharged through the insurance policy, making the premium payment eligible for deduction. The disallowance was deleted, and the appeal was dismissed on 11th January, 2012. Case-Laws Income Tax Wed, 11 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195736