https://www.taxtmi.com/caselaws?id=24995 The High Court of Punjab and Haryana ruled in Income-tax References Nos. 72 and 73 of 1978 that the deduction under section 80C of the Income-tax Act, 1961 for life insurance premia should be allowed regardless of the source of payment. The Court held that the purpose of the provision is to encourage savings and disallowed the strict interpretation linking the deduction to taxable income sources. The decision favored the assessee, a Hindu undivided family, over the Revenue's disallowance, emphasizing the eligibility for the deduction based on the payment of insurance premia. en-us Mon, 26 Oct 1987 00:00:00 +0530 Sat, 23 Jan 2010 16:34:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24995 The High Court of Punjab and Haryana ruled in Income-tax References Nos. 72 and 73 of 1978 that the deduction under section 80C of the Income-tax Act, 1961 for life insurance premia should be allowed regardless of the source of payment. The Court held that the purpose of the provision is to encourage savings and disallowed the strict interpretation linking the deduction to taxable income sources. The decision favored the assessee, a Hindu undivided family, over the Revenue's disallowance, emphasizing the eligibility for the deduction based on the payment of insurance premia. Case-Laws Income Tax Mon, 26 Oct 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24995