https://www.taxtmi.com/caselaws?id=23102 A reference under section 256(2) of the Income-tax Act was declined in relation to the assessee's claim for deduction on investment in National Savings Certificates under section 80C(2)(d). The High Court noted that the Tribunal had treated the investment as part of the assessee's common fund and that, on the facts, the precise source of funds was not decisive. Although the Revenue's legal submission had some force, the Court held that a further statement of case would serve no useful purpose, especially given the small amount involved and the practical realities of a salaried taxpayer's finances. The application was therefore rejected. en-us Fri, 27 Jul 1990 00:00:00 +0530 Wed, 16 Dec 2009 17:27:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23102 A reference under section 256(2) of the Income-tax Act was declined in relation to the assessee's claim for deduction on investment in National Savings Certificates under section 80C(2)(d). The High Court noted that the Tribunal had treated the investment as part of the assessee's common fund and that, on the facts, the precise source of funds was not decisive. Although the Revenue's legal submission had some force, the Court held that a further statement of case would serve no useful purpose, especially given the small amount involved and the practical realities of a salaried taxpayer's finances. The application was therefore rejected. Case-Laws Income Tax Fri, 27 Jul 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23102