https://www.taxtmi.com/caselaws?id=64939 The Tribunal ruled in favor of the assessee, allowing the deduction under section 80C for payments made towards Life Insurance Premium (LIP) and National Savings Certificates (NSCs). The Tribunal disagreed with the Income Tax Officer's interpretation that income accrual only happens on the last day of the accounting year, emphasizing that income is earned day-to-day. It highlighted that payments for LIP and NSCs could have been made from income chargeable to tax during the relevant accounting period, not just at year-end. The Tribunal directed the ITO to grant the deduction for the full amounts paid towards LIP and NSCs. en-us Tue, 13 Feb 1990 00:00:00 +0530 Fri, 11 Feb 2011 12:45:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64939 The Tribunal ruled in favor of the assessee, allowing the deduction under section 80C for payments made towards Life Insurance Premium (LIP) and National Savings Certificates (NSCs). The Tribunal disagreed with the Income Tax Officer's interpretation that income accrual only happens on the last day of the accounting year, emphasizing that income is earned day-to-day. It highlighted that payments for LIP and NSCs could have been made from income chargeable to tax during the relevant accounting period, not just at year-end. The Tribunal directed the ITO to grant the deduction for the full amounts paid towards LIP and NSCs. Case-Laws Income Tax Tue, 13 Feb 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64939