Premium paid to LIC under Group Leave Encashment Scheme is deductible u/s. 37(1)

HIGH COURT OF KERALA CIT v/s.   Hindustan Latex Ltd. IT Appeal No. 64 of 2012 JUNE 7, 2012 JUDGMENT K. Vinod Chandran, J. – The Revenue is in appeal and the respondent is a Government Company. The assessment of the company for the year 2005-06 was completed by Annexure A order. Inter alia, the assessee’s claim with respect to the payment of premium to Life Insurance Corporation for the policy under Group Leave Encashment Scheme was claimed as a deduction under Section 37 of the Income Tax Act, 1961(hereinafter referred to as ‘the Act’). The claim was allowed treating ...