TaxTMI 
TaxTMI 
1978 (5) TMI 34
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....nce a common question of law arises for consideration in these two cases they are disposed of by this common judgment. I.T.R.C. No. 7 of 1975 relates to the assessment year 1967-68 and I.T.R.C. No. 8 of 1975 relates to the assessment year 1970-71. The assessee in these two cases is the State Bank of Mysore, Bangalore. In the course of its business the assessee held certain sums in foreign curren....
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....ders of the Income-tax Officer before the Appellate Assistant Commissioner of Income-tax and the Income-tax Appellate Tribunal, Bangalore Bench, were unsuccessful. At the instance of the assessee, the following questions have been referred to this court : " (1) Whether, on the facts, and in the circumstances of the case, the sum of Rs. 3,20,823 is liable to tax for the assessment year 1967-68 ? a....
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....nces and the related transactions were incdental to the assessee's banking business. On the basis of the above facts the Tribunal has found that the amounts in question constituted part of income and were liable to tax. We do not think that there is any error in the decision of the Tribunal. The Tribunal's view is in accordance with the principle enunciated by the Supreme Court in Commissioner of....