https://www.taxtmi.com/caselaws?id=60359 The Tribunal overturned the Appellate Assistant Commissioner's decision and denied relief under section 80C for an individual's National Savings Certificates investment funded by a sum from a Life Insurance Policy. The Tribunal held that the amount received from the policy did not qualify as income chargeable to tax, emphasizing strict adherence to statutory language and legal principles requiring investments to be made from taxable income. The appeal was allowed in favor of the department, citing a Bombay High Court decision in support of its ruling. en-us Wed, 25 Nov 1987 00:00:00 +0530 Tue, 04 Jan 2011 17:58:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60359 The Tribunal overturned the Appellate Assistant Commissioner's decision and denied relief under section 80C for an individual's National Savings Certificates investment funded by a sum from a Life Insurance Policy. The Tribunal held that the amount received from the policy did not qualify as income chargeable to tax, emphasizing strict adherence to statutory language and legal principles requiring investments to be made from taxable income. The appeal was allowed in favor of the department, citing a Bombay High Court decision in support of its ruling. Case-Laws Income Tax Wed, 25 Nov 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60359