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ThynkTax /Tax Reference /Case Laws /Sundaram Finance - ELSS demat

Sundaram Finance - ELSS demat

Income Tax Appellate Tribunal·2024·ITR
Facts

Investor claimed 80C deduction for ELSS units held in dematerialised form. AO denied on technicality of demat record.

Issue

Whether 80C deduction is available when ELSS is held in demat as opposed to physical units?

Held

Yes. The form of holding (demat vs physical) is irrelevant; the deduction depends on the qualifying investment.

Ratio

Substance of investment, not form of holding, drives the 80C deduction. Analogous principle applies to Section 123 (IT Act 2025).

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