2005 (8) TMI 59

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed counsel for the applicants. This is an application under section 256(2) of the Income-tax Act, 1961 ("the Act" for short). The year relevant is 1992-93. The return filed by the respondent were processed under section 143(1)(a) and the claim of the respondent in respect of deduction under section 80P(2)(a)(i) was allowed. The Assessing Officer, subsequent to the above decision, having noticed....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... to restrict the disallowance only to interest relatable to Government securities which forms part of the reserve fund. The respondent-assessee not being satisfied with the above part of the order impugned the order passed by the Commissioner of Income-tax (Appeals) in the appeal being appeal No. 7115/Mum/1997 filed before the Income-tax Appellate Tribunal, Mumbai Bench D, Mumbai. The Tribun....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....of the Revenue met with little success. The Revenue has now moved this application under section 256(2) with a prayer that the Tribunal be directed to state the case and refer the question of law arising out of the order of the Tribunal dated August 12, 1998 to this court for decision. That is how the Revenue is seeking directions against the Tribunal. The questions of law raised at the instanc....