1990 (11) TMI 411

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....and D. Mitra JUDGMENT Ajit K.Sengupta, J. In this reference under s. 256 (1) of the IT Act, 1961 for the asst. yrs. 1979-80 to 1982-83 the following questions of law have been referred to this Court: R. A. No. 5 (Cal) of 1988 "(1) Whether, on the facts and in the circumstances of the cases, the Tribunal was correct in law in holding that the interest on fixed deposits amountin....

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....d in the total income of the assess under s. 41 (1)of the IT Act, 1961?" R.A. No. 7 (Cal) of 1988 "(1) Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the interest on fixed deposits amounting to Rs. 780,331 was not assessable as income of the assessee? (2) Whether, on the facts and in the circumstances of the case, th....