Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram

TMI Blog

Home

1990 (7) TMI 76

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... "). Despite valid service of notice, the assessee has not entered appearance. The assessee is the Project Engineer (Mech.) of Orissa Construction Corporation Ltd. He purchased some National Savings Certificates for the assessment year 1985-86 and claimed deduction of the same under section 80C(2)(d) of the Act. During the assessment proceeding, he explained that, out of funds available by encash .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ars and, in respect of the National Savings Certificates of Rs. 3,000, they came from the gifts to the children of the assessee. Considering the fixed deposits in earlier years, the Tribunal held that it cannot be said that the fixed deposits were not out of the income chargeable to tax of this year specially when there is no evidence of suggestion to the contrary. On that basis, the amount of Rs. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... who is a salaried person was putting amounts received by him to the common fund. It cannot be ruled out that the money received, from fixed deposits was being spent by him and money received from salaries was invested in National Savings Certificates. A wrong explanation by an assessee who is an engineer, ignorant of the niceties of tax law, ought not to be ground to deprive him of the benefit av .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

 

 

 

 

Quick Updates:Latest Updates