1997 (4) TMI 52

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ction 256(2) of the Income-tax Act, 1961 (for short, "the Act"), for opinion of this court : "Whether the Tribunal was legally correct in holding that in the case of the partner of a registered firm, deduction under section 80L of the Income-tax Act is allowable in respect of his share income in the firm as allocated in terms of the provisions of section 67(2) of the Act ?" The facts as stated i....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ty to allow the assessee's claim under section 80L; and that the Revenue then carried the dispute to the Income-tax Appellate Tribunal which confirmed the order of the appellate authority. This is how the aforesaid question was referred to this court at the instance of the Revenue. Sub-section (2) of section 67 of the Act provides that the share of a partner in the income or loss of the firm, as ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....oth held that the interest income, which accrued in the hands of the partnership concern, retained the same character after allocation in the hands of the assessee---an individual, and, therefore, he was entitled to deduction in respect of interest income under section 80L. In CIT v. Brij Raman Das [1979] 118 ITR 397 (All), which has already been relied upon by the Tribunal in this case, it was h....