https://www.taxtmi.com/caselaws?id=26285 The High Court of Karnataka ruled in favor of the assessee against the Revenue regarding the determination of deductible expenditure under section 35B of the Income-tax Act for the assessment years 1975-76 and 1976-77. The court also held that premiums paid on an insurance policy were not considered a perquisite under section 40A(5)(a) of the Act. Consequently, the court decided in favor of the assessee on both issues, directing each party to bear their own costs. en-us Fri, 26 Jul 1985 00:00:00 +0530 Thu, 04 Feb 2010 10:37:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26285 The High Court of Karnataka ruled in favor of the assessee against the Revenue regarding the determination of deductible expenditure under section 35B of the Income-tax Act for the assessment years 1975-76 and 1976-77. The court also held that premiums paid on an insurance policy were not considered a perquisite under section 40A(5)(a) of the Act. Consequently, the court decided in favor of the assessee on both issues, directing each party to bear their own costs. Case-Laws Income Tax Fri, 26 Jul 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26285