instalment of loan taken from the general provident fund under Section 80C of the Income-tax Act 1961 ('the Act'). Also, claimed deduction ... gross salary and allowing therefrom standard deduction and deduction under Section 80C as per salary certificate or normal year contribution to general provident fund
authorities below to the assessee's claims for deductions under ss. 80C and 80CCA of the IT Act, 1961.
2. The assessee, an individual ... towards Public Provident Fund (PPF) and claimed deduction under s. 80C of the Act. Similarly, he contributed a sum of Rs. 25,000 towards
income chargeable to tax, then only the deduction under Section 80C can be claimed. If the same has been paid out of an income which ... nexus between the investment made for the purpose of Section 80C with the income earned by the assessee. In our considered opinion, until and unless
year 1988-89 which is under consideration, they claimed deductions under Section 80C of IT Act, 1961 in respect of the sums ... amount to income "chargeable to tax" as required by Section 80C and, therefore, did not qualify for the deduction contemplated by that provision
assessees and raise identical points regarding the grant of relief under Section 80C in respect of payment of Life Insurance Premium and purchase of National ... assessee's income chargeable to tax relief under Section 80C was denied. On appeal the learned CIT(A), Meerut directed the grant of deduction
denial of assessee's claim of deduction under s. 80C of the IT Act amounting to Rs. 24,392 out of total claim ... counsel has submitted that the requirement of provisions of s. 80C is that the contribution should be out of taxable income and it nowhere states
disallowance of interest expenses,
disallowance of consultancy expenses and disallowance us
80C/80D of the Act. Revenue has taken the grounds
challenging the deletion made ... interest expenses, disallowance of
consultancy expenses, disallowance of deduction claimed
under Section 80C / 80D , addition on account of undisclosed
jewellery and unexplained purchase of Appeal
these assessees had claimed and were allowed the following rebates under Section 80C of the Income-tax Act, 1961 ('the Act') in respect ... assessee Asst. Amount of Amount of
No. year relief Under Section 80C tax rebate
now with-
drawn Under
Section
154
Rs. Rs.
------------------------------------------------------------------------------------
1307
that while computing taxable salary, the assessees were deducting u/s. 80C of
the Act, contributions to unrecognized Provident Fund. According to the
Assessing Officer ... contributions to unrecognized Provident Fund were not
eligible for deduction u/s. 80C of the Act. Further, the Assessing Officer held
under Section 10 (10-A A) and (2) regarding deduction under Section 80C in respect of investments made in National Savings Certificates.
2. Briefly ... leave encashment under Section 10 (10-AA), then benefit of Section 80C should be allowed to the assessee in respect of provident fund
