1993 (3) TMI 27

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..... PARIPOORNAN J.-At the instance of an assessee to income-tax, the Income-tax Appellate Tribunal has referred the following two questions of law for the decision of this court : " 1. Whether, on the facts and in the circumstances of the case, the income from interest on Government securities, dividend from shares in companies and interest from bank deposits in respect of which no activity for p....

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....see filed a return claiming that its income was exempt under section 11 of the Income-tax Act. The Income-tax Officer held that the assessee is not entitled to exemption and that its income was taxable. In appeal, the Appellate Assistant Commissioner by a common order passed for the years 1973-74 and 1974-75 affirmed the decision of the Income-tax Officer. The Appellate Tribunal, by a common order....

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....r. P. K. R. Menon. The order of the Appellate Tribunal regarding the assessment years 1970-71, 1971-72, 1972-73, 1974-75 and 1975-76 came up before this court in I. T. R. Nos. 342 to 346 of 1982 (Cochin Chamber of Commerce and Industry v. CIT [1994] 205 ITR 536). A Bench of this court, by its judgment dated February 21, 1989, held as follows (at page 538) : "The assessee-applicant was in receip....

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....ng authority ignored the records available in the case and proceeded on an incorrect basis. That matter should be disposed of by the Appellate Tribunal afresh after notice to parties." A perusal of the common judgment rendered by this court in I.T. R. Nos. 342 to 346 of 1982 (Cochin Chamber of Commerce and Industry v. CIT (1994] 205 ITR 536) dated February 21, 1989, shows that the questions of ....