https://www.taxtmi.com/caselaws?id=62378 The Tribunal held that investments in National Savings Certificates (NSCs) for deductions under section 80C of the Income Tax Act, 1961 must be made from the assessee's income of the relevant year, not past savings already taxed. Despite arguments that credit balances exceeded NSC investments and entries could have been made, the Tribunal found insufficient evidence to support the assessees' claims. Consequently, the Tribunal sided with the Income Tax Officer, emphasizing the legislative intent to encourage long-term savings from current income. The Deputy Commissioner's decision was overturned, and the appeals were allowed in favor of the Revenue. en-us Thu, 30 Apr 1992 00:00:00 +0530 Wed, 19 Jan 2011 15:58:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62378 The Tribunal held that investments in National Savings Certificates (NSCs) for deductions under section 80C of the Income Tax Act, 1961 must be made from the assessee's income of the relevant year, not past savings already taxed. Despite arguments that credit balances exceeded NSC investments and entries could have been made, the Tribunal found insufficient evidence to support the assessees' claims. Consequently, the Tribunal sided with the Income Tax Officer, emphasizing the legislative intent to encourage long-term savings from current income. The Deputy Commissioner's decision was overturned, and the appeals were allowed in favor of the Revenue. Case-Laws Income Tax Thu, 30 Apr 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62378