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80 c provisions

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(Querist)
24 March 2012 If a New LIC Commenced on which deduction under 80C has been availed in Previous financial year 2010-11 has been discontinued in F.Y. 2011-12 then what will be the consequenses. Is Previous deduction avaled in F.y. 2010-11 will be taxable. What is the Provisions as per Income Tax Act
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
24 March 2012 i) No deduction will be allowed in FY 2011-12, if any premium paid in that year.
ii) Deduction allowed in FY 2010-11 shall be treated as deemed income of FY 2010-11.
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