1996 (1) TMI 70

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.... made by the Revenue under section 256(2) of the Income-tax Act, 1961, from the Tribunal and the Tribunal has referred the following question of law for opinion of this court : " Whether a partner is entitled to exemption under section 80L of the Income-tax Act in respect of interest earned by the firm on bank deposits held in its name ? " The brief facts giving rise to this reference are th....

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....an appeal before the Appellate Assistant Commissioner, Raipur, and the Appellate Assistant Commissioner accepted the claim of the assessees and directed the Income-tax Officer to allow the deduction under section 80L of the Income-tax Act. Against this, the applicant/Revenue preferred an appeal before the Tribunal and the Tribunal dismissed the Departmental appeal and upheld the order of the Appel....