https://www.taxtmi.com/caselaws?id=56800 The Tribunal allowed the assessee's appeal, overturning the denial of deduction under s. 80C of the IT Act. It held that contributions from past savings, accumulated from taxable income of previous years, are eligible for deduction under s. 80C. The Tribunal clarified that the contribution need not be solely from the current year's income and emphasized that income tax is assessed annually, not daily. Consequently, the Tribunal directed the Assessing Officer to allow the deduction, ruling in favor of the assessee. en-us Thu, 24 Dec 1998 00:00:00 +0530 Mon, 06 Dec 2010 17:32:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56800 The Tribunal allowed the assessee's appeal, overturning the denial of deduction under s. 80C of the IT Act. It held that contributions from past savings, accumulated from taxable income of previous years, are eligible for deduction under s. 80C. The Tribunal clarified that the contribution need not be solely from the current year's income and emphasized that income tax is assessed annually, not daily. Consequently, the Tribunal directed the Assessing Officer to allow the deduction, ruling in favor of the assessee. Case-Laws Income Tax Thu, 24 Dec 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56800