TaxTMI 
TaxTMI 
1999 (8) TMI 25
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.... Act 1961 the Income-tax Appellate Tribunal has referred the following questions of law to this court for opinion at the instance of the Revenue : "1. Whether, on the facts and circumstances of the case and in law, the Tribunal was right in holding that the assessee was entitled to deduction under section 80L of the Income-tax Act in respect of the interest income on fixed deposits with banks i....
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....irm's proportionate business profits as well as proportionate share of interest income. In respect of the proportionate share of interest income the assessee claimed deduction under section 80L of the Income-tax Act ("the Act") for the assessment years 1976-77 and 1978-79. The Income-tax Officer disallowed the said claim. On appeal by the assessee the Appellate Assistant Commissioner of Income-....
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....rtners in a firm. The firm derived income from interest on Central Government securities and deposits including deposits with banking companies. For the assessment year 1973-74 the assessees claimed deduction under section 80L of the Act in respect of the share of profits from the firm which represented "interest on Government securities and interest on deposits from banking companies". The Income....
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....termined under each head. That being so interest earned by the firm on Government securities and fixed deposits with banking companies would retain its character despite apportionment of the income of the firm among partners. The income from interest in respect of which deduction was claimed by the partners under section 80L of the Act was determined in the assessment of the firm as "income on fix....