Deductions

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....laid out or expanded, wholly and exclusively, for the purposes of making or earning the gross residuary income; and        (ii) it fulfills all other conditions, if any, specified therein; and     (b) the amount of deductions specified in sub-section (3) subject to the fulfilment of the conditions, if any, specified therein; (2) The amount of e....

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....rred to in clause (e) of sub-section (2) of section 56; and (e) any other expenditure, not being in the nature of capital expenditure. (3) The amount of deduction referred to in clause (b) of sub-section (1) shall be the following -     (a) any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy, if -     &nb....

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.... section 85, be a sum equal to fifty per cent of the income, regardless of anything to the contrary contained in this section. (5) The following amounts shall, regardless of anything to the contrary contained in this section, not be allowed as a deduction, namely:-     (a) any amount relating to personal expenses of the person;     (b) any amount paid on acco....