TaxTMI 
TaxTMI 
1979 (9) TMI 66
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.... Income-tax Appellate Tribunal, 'A' Bench, Allahabad, has referred the following question for the opinion of the court. " Whether, on the facts and in the circumstances of the case, the Tribunal was correct in upholding the Appellate Assistant Commissioner's order allowing relief to the assessee under sections 80L and 199 of the Income-tax Act, 1961 ? " Sri Pyare Lal Banerjee, an eminent adv....
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....e received interest income. On an appeal filed by the assessee the deductions claimed were allowed. The department then took up the matter before the Tribunal. The Tribunal held that the mere fact that the assessee was not the owner of the securities was not sufficient to deprive her of the benefits of ss. 80L and 199, for none of these sections requires that before relief could be given under the....
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....nder this provision is that the gross total income of an assessee should include income by way of interest on the securities of the type mentioned in cl. (i). This being so, the assessee was entitled to a deduction of Rs. 3,000 as claimed. The fact that the income was received by her as a beneficiary under the trust deed and not as the owner of those securities was irrelevant for purposes of grant....
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....y following assessment year under this Act......... " This provision treats a deduction of tax at source as a payment of tax on behalf of the person from whose income the deduction was made. Under the trust deed the bank was bound to pay the interest accruing on the securities to the assessee, who was the beneficiary. On the amount of interest accruing on these securities deduction of tax is ma....