https://www.taxtmi.com/caselaws?id=55799 The ITAT allowed the appeal, directing the AO to permit deductions of Rs. 16,777 under s. 57, Rs. 40,000 under s. 80CCA, and Rs. 10,000 under s. 80CCB, as claimed by the assessee. The disallowance of interest payment on the overdraft bank account was overturned as the investments were found to be from income chargeable to tax, not borrowed funds. Similarly, deductions for investments in NSS and Canpep were allowed as they were made from income chargeable to tax, not the overdraft account. en-us Fri, 21 Jul 2000 00:00:00 +0530 Tue, 30 Nov 2010 11:46:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55799 The ITAT allowed the appeal, directing the AO to permit deductions of Rs. 16,777 under s. 57, Rs. 40,000 under s. 80CCA, and Rs. 10,000 under s. 80CCB, as claimed by the assessee. The disallowance of interest payment on the overdraft bank account was overturned as the investments were found to be from income chargeable to tax, not borrowed funds. Similarly, deductions for investments in NSS and Canpep were allowed as they were made from income chargeable to tax, not the overdraft account. Case-Laws Income Tax Fri, 21 Jul 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55799