2010 (9) TMI 53

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....Standing Counsel for the revenue. ADARSH KUMAR GOEL, J. 1. Following questions of law have been referred for opinion of this Court under Section 256 of the Income Tax Act, 1961 (for short, "the Act"), by the Income Tax Appellate Tribunal, Chandigarh arising out of its order dated 25.3.1998 in I.T.A. No.960/Chandi/94 in respect of the assessment year 1993-94:- (i)   &nbsp....

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....ng the CBDT circular No.3P dated 11.10.1965 clarifying the expression "out of his income chargeable to tax" by ignoring the material portion of explanation stating that it does not imply that assessee is required to link or identify the deposit/payments specifically with the funds representing his income chargeable to tax and relying only on a part there of that the benefit cannot be availed of in....