https://www.taxtmi.com/caselaws?id=12809 The court held that deductions under section 80C of the Income-tax Act were not allowable for National Savings Certificates (NSCs) purchased from accumulated profits of earlier years, as the investment must be made from income chargeable to tax for the relevant assessment year. The Tribunal's decision allowing the deduction was overturned, favoring the Revenue's argument that investments from previous years' profits do not qualify for the deduction. The court emphasized the requirement for investments to be made from the current year's income to be eligible for deductions under section 80C. en-us Tue, 26 Feb 2002 00:00:00 +0530 Fri, 22 May 2009 11:24:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12809 The court held that deductions under section 80C of the Income-tax Act were not allowable for National Savings Certificates (NSCs) purchased from accumulated profits of earlier years, as the investment must be made from income chargeable to tax for the relevant assessment year. The Tribunal's decision allowing the deduction was overturned, favoring the Revenue's argument that investments from previous years' profits do not qualify for the deduction. The court emphasized the requirement for investments to be made from the current year's income to be eligible for deductions under section 80C. Case-Laws Income Tax Tue, 26 Feb 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12809