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<h1>Appellate Tribunal Rules in Favor of Taxpayer Over NSC Investment Dispute</h1> The appellate tribunal overturned the addition of Rs. 5,000 on account of National Savings Certificate (NSC) investment in the name of the assessee's ... - Issues:1. Addition of Rs. 5,000 on account of investment in National Savings Certificate in the name of assessee's minor daughter.2. Refusal to give relief under section 80C for the purchase of NSCs in the name of the assessee's daughter.Analysis:Issue 1:The appellant challenged the addition of Rs. 5,000 made on account of investment in National Savings Certificate (NSC) in the name of the assessee's minor daughter. The assessee explained that the NSCs were purchased from withdrawals for domestic expenses. The assessing officer added the amount as income from undisclosed sources, considering the luxurious lifestyle of the assessee and insufficient withdrawals for household expenses. The learned AAC upheld the addition, but the appellate tribunal disagreed. The tribunal noted that withdrawals for household expenses were sufficient, as evidenced by tangible withdrawals from the assessee's account. Therefore, the tribunal held that the addition of Rs. 5,000 was unjustified and vacated the same.Issue 2:The second issue raised was the refusal of the learned AAC to grant relief under section 80C for the purchase of NSCs in the name of the assessee's daughter. The assessee contended that deduction under section 80C should have been allowed for the NSC purchase. The learned AAC suggested approaching the assessing officer for rectification under section 154 if the claim was ignored during assessment. The appellate tribunal confirmed the learned AAC's finding, emphasizing that if relief under section 80C was due and claimed, it should not be denied. The tribunal left the issue at that, without further interference.In conclusion, the appeal was allowed in part, with the appellate tribunal overturning the addition of Rs. 5,000 on account of NSC investment in the name of the assessee's daughter and affirming the need for due relief under section 80C if claimed and tenable.
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