https://www.taxtmi.com/caselaws?id=55073 The Tribunal ruled in favor of the assessee, allowing the deduction under section 80C for investments made from funds in the bank account, despite originating from Provident Fund and Cumulative Time Deposit amounts. The decision emphasized a broader interpretation of section 80C, permitting deductions for investments from a combined fund of past savings and current earnings, aligning with the objective of encouraging investments in specified securities and promoting tax benefits. The ruling highlighted that deductions should not be restricted to income earned solely within the relevant accounting year to support investment activities and tax advantages under section 80C. en-us Wed, 01 May 1991 00:00:00 +0530 Sun, 06 Feb 2011 03:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55073 The Tribunal ruled in favor of the assessee, allowing the deduction under section 80C for investments made from funds in the bank account, despite originating from Provident Fund and Cumulative Time Deposit amounts. The decision emphasized a broader interpretation of section 80C, permitting deductions for investments from a combined fund of past savings and current earnings, aligning with the objective of encouraging investments in specified securities and promoting tax benefits. The ruling highlighted that deductions should not be restricted to income earned solely within the relevant accounting year to support investment activities and tax advantages under section 80C. Case-Laws Income Tax Wed, 01 May 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55073