1997 (3) TMI 40

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.... K. K. USHA J.---This reference at the instance of the Revenue is from the order of the Income-tax Appellate Tribunal, Cochin Bench, in I.T.A. No. 555 (Coch.) of 1985. The assessment year is 1981-82. Following are the questions referred for the opinion of this court : "1. Whether, on the facts and in the circumstances of the case, the interest received from other co-operative societies on the c....

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....he members are not the same as giving credit facilities. On appeal by the assessee, the benefit was allowed by the first appellate authority as well as the Tribunal. In the light of the decision of this court in Kerala Co-operative Consumers' Federation Ltd. v. CIT [1988] 170 ITR 455, it has to be held that the assessee is not entitled to exemption on the interest earned by it on credit sales made....

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.... for the assessment year 1981-82 was from July 1, 1979, to June 30, 1980. The relevant provisions applicable are contained in section 211(1)(i), which read as follows : "211. Instalments of advance tax.---... (i) the 15th day of June, the 15th day of September and the 15th day of December, in the case of an assessee whose total income to the extent of 75 per cent. thereof or more is derived fro....

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....sions contained under clause (i) of section 211(1), it has to be taken that the payment is that of advance tax. The Tribunal was, therefore, fully justified in taking the view that payment made on December 15, 1980, was that of advance tax and the assessee will be entitled to all consequential reliefs. In the light of the above discussion, we answer question No. 1 in the negative, against the a....