https://www.taxtmi.com/caselaws?id=60940 The Tribunal upheld the disallowance of rebate under section 88 for deposits in the Provident Fund A/c made out of borrowed funds, emphasizing the requirement that the deposit must be from income chargeable to tax to qualify for the rebate. Citing legislative intent to promote savings from taxable income, the Tribunal rejected the argument that borrowed funds could qualify for the rebate. The appeals were dismissed, affirming the disallowance of rebate for deposits in the Provident Fund A/c funded by loans. en-us Wed, 25 Mar 1998 00:00:00 +0530 Sat, 08 Jan 2011 17:07:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60940 The Tribunal upheld the disallowance of rebate under section 88 for deposits in the Provident Fund A/c made out of borrowed funds, emphasizing the requirement that the deposit must be from income chargeable to tax to qualify for the rebate. Citing legislative intent to promote savings from taxable income, the Tribunal rejected the argument that borrowed funds could qualify for the rebate. The appeals were dismissed, affirming the disallowance of rebate for deposits in the Provident Fund A/c funded by loans. Case-Laws Income Tax Wed, 25 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60940