2000 (2) TMI 8

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....e Revenue filed under section 256(2) of the Income-tax Act, 1961. Earlier the Income-tax Appellate Tribunal had rejected the application of the Revenue filed under section 256(1) of the Act, The questions pertain to the assessment years 1979-80 and 1980-81. The questions on which reference was sought are as under: Assessment year 1979-80: "1. Whether, on the facts and in the circumstances of th....

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.... loans and interest of Rs. 11,69,621 on arrears of sales deposits are to be considered as business income and not income from other sources?" 2. Whether, on the facts and in the circumstances of the case, and in law, the Tribunal was right in holding that interest of Rs. 38,483 on fixed deposit, interest of Rs. 9,03,405 on temporary loans and interest of Rs. 11,69,621 on arrears of sales deposit ....