case, the Tribunal was correct in disallowing deduction under Section 80C of the Income-tax Act, 1961, on life insurance premia paid ... keep in force insurance policies falling within the scope of Section 80C(2)(b)(i)(1) of the Income-tax Act, 1961 (for short
Tribunal was justified in holding that the claim of deduction under Section 80C was allowable though there was no direct nexus of the investment with ... assessment year 1985-86 and claimed deduction on that score under Section 80C of the Income-tax Act. The aforesaid certificate had been purchased
been paid by the assessee and the deduction in terms of section 80C allowed thereon ?"
2. The assessee is an individual during the relevant ... life and on the life of his wife under s. 80C of the Act for all the three financial years. The ITO restricted the allowance
provident fund, etc. were governed by the provisions contained in Section 80C which section was omitted by Finance Act, 1990 w.e.f. 1st April ... allowed by way of deduction from the total income under Section 80C is now substituted by way of a rebate to be granted under Section
Appellate Tribunal erred in law in holding that the deduction under Section 80C was claimable by the assessee in respect of NSCs purchased ... Savings Certificates (hereinafter referred to as "the NSCs") under Section 80C of the Act. The details of the investment and the sources thereof
case, the Tribunal was justified in allowing full deduction under Section 80C in respect of NSCs which were purchased in the previous year ... account of purchase of National Savings Certificates. He claimed deduction under Section 80C of the Act. The Income-tax Officer further noticed that investment
holding that the assessee is eligible for deduction under section 80C in respect of NSCs of the value of Rs. 25,000 purchased ... From the aforesaid gross total income, the assessee sought deduction under section 80C in respect of the following :
Provident Fund
subject to the provisions of Chapter VIA, the deductions
specified in s. 80C to s. 80VV and sub-section (2) of that
section imposes ... computing the total income of an assessee, the deductions
specified in s. 80C to 80VV shall be made from his gross
total income, and gross
subject to the conditions of this Chapter, the deductions
specified in Sections 80C to 80U . As per mandate of
sub-section (2) to Section ... total income”.”
The aforesaid section stipulates that notwithstanding
anything contained in Sections 80C to 80U for the purpose of
computing deduction under the aforesaid section
subject to the provisions of the Chapter, deductions specified in
Section 80C to 80U . The language of the section itself postulates and
mandates that ... allowed in respect of the incomes mentioned and
specified in Sections 80C to 80U . In other words, the incomes
specified in Sections 80C
