2009 (7) TMI 89

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....y this Court in IT Application No.13/1999 dated 12.7.1999, the Income-tax Appellate Tribunal, Ahmedabad Bench-B, Ahmedabad has drawn a statement of case in Reference Application No.878/Ahd/97 for assessment years 1988-89 and referred to the following questions of law for the opinion of this Court. "1. Whether in the facts and circumstances of the case, the Appellate Tribunal is right in law that....

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....nterest on securities" under the provisions of Section 18(1)(ii) of the Income-tax Act for the assessment years under consideration. (ii) That since the accounts were, admittedly, maintained on the cash system for the years under consideration and for which the Assessing Officer had granted permission, there was no scope for any further inquiry whether income could be said to have really accrued....