https://www.taxtmi.com/caselaws?id=59863 Section 80C deduction is not confined to investments made out of taxable income of the relevant previous year; the Tribunal accepted that National Savings Certificates purchased from accumulated savings of earlier years remain eligible, because the provision is intended to encourage thrift and the source of funds does not by itself defeat the deduction where the investment otherwise satisfies the statutory conditions. The Revenue's objection based solely on the origin of the investment was rejected. en-us Thu, 10 Mar 1988 00:00:00 +0530 Sat, 01 Jan 2011 15:38:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59863 Section 80C deduction is not confined to investments made out of taxable income of the relevant previous year; the Tribunal accepted that National Savings Certificates purchased from accumulated savings of earlier years remain eligible, because the provision is intended to encourage thrift and the source of funds does not by itself defeat the deduction where the investment otherwise satisfies the statutory conditions. The Revenue's objection based solely on the origin of the investment was rejected. Case-Laws Income Tax Thu, 10 Mar 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59863