1994 (8) TMI 26

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r section 256(2) of the Income-tax Act, 1961, and seeks reference of the following question to this court : " 1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was legally correct in holding that the assessee was not entitled to deduction under section 80C ? 2. Whether, on the facts and in the circumstances of the case, the request made by the a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Savings Certificates to the extent of Rs. 20,200 each out of the moneys so seized. This was not done and the contention of the assessee is that although the National Savings Certificates have not actually been purchased, the assessees' money should be deemed to have been invested in National Savings Certificates and the requisite relief under section 80C should be granted. This claim has been nega....