CIT's Application for Question Referral on Interest Exemption Rejected by Tribunal

The CIT's application under s. 256 of the IT Act to refer a question to the High Court regarding interest exemption under s. 80P(2)(a)(i) was rejected by the Tribunal due to lack of merit based on past decisions for similar assessment years.

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The CIT, Allahabad, applied under s. 256 of the IT Act, 1961 to refer a question to the High Court regarding the exemption of interest earned by the assessee from Government Securities under s. 80P(2)(a)(i). The Tribunal rejected the application for reference as it found no merit based on previous orders for similar assessment years. The application was rejected.

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