https://www.taxtmi.com/caselaws?id=37352 The High Court of Allahabad ruled in favor of the assessee, affirming their entitlement to deductions under sections 80L and 199 of the Income-tax Act, 1961. The case involved a trust where the trustee paid income to the settlor and beneficiaries. The Tribunal allowed deductions, which the department challenged. The Tribunal held that ownership of securities was not necessary for claiming deductions under sections 80L and 199. The Court agreed, stating that section 80L allows deductions for interest income without requiring ownership of securities. The assessee was also entitled to credit for tax deducted at source under section 199. en-us Thu, 13 Sep 1979 00:00:00 +0530 Mon, 29 Mar 2010 12:13:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37352 The High Court of Allahabad ruled in favor of the assessee, affirming their entitlement to deductions under sections 80L and 199 of the Income-tax Act, 1961. The case involved a trust where the trustee paid income to the settlor and beneficiaries. The Tribunal allowed deductions, which the department challenged. The Tribunal held that ownership of securities was not necessary for claiming deductions under sections 80L and 199. The Court agreed, stating that section 80L allows deductions for interest income without requiring ownership of securities. The assessee was also entitled to credit for tax deducted at source under section 199. Case-Laws Income Tax Thu, 13 Sep 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37352