https://www.taxtmi.com/caselaws?id=283984 The Tribunal allowed the appeals, directing the AO to verify premium payments for Leave Encashment Liability and internal accretions by LIC. Premium payments to LIC for Employees Group Leave Encashment Scheme were deemed allowable, pending verification if income was received or accrued. Internal accretions were to be assessed based on whether they constituted real income or were for future liability discharge. The Tribunal upheld the principle that such premium payments are allowable expenditures if income is not received but accumulated for future liabilities. en-us Fri, 03 Aug 2018 00:00:00 +0530 Wed, 23 Oct 2019 07:54:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283984 The Tribunal allowed the appeals, directing the AO to verify premium payments for Leave Encashment Liability and internal accretions by LIC. Premium payments to LIC for Employees Group Leave Encashment Scheme were deemed allowable, pending verification if income was received or accrued. Internal accretions were to be assessed based on whether they constituted real income or were for future liability discharge. The Tribunal upheld the principle that such premium payments are allowable expenditures if income is not received but accumulated for future liabilities. Case-Laws Income Tax Fri, 03 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283984