1983 (2) TMI 90

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....n said to be a question of law and to arise out of the consolidated order of the Tribunal in ITA. Nos. 327 of 1978-79, 124 of 1979 and 380 of 1978-79 dt. 24th July, 1982, be referred to the Hon'ble High Court of Punjab and Haryana at Chandigarh for each of the assessment years for its opinion : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law ....

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.... sure, there is no obligation on the part of the Tribunal to refer the matter. 3. Keeping in view the observations of the Hon'ble High Court above, when we examine the order made by the Tribunal out of which the impugned question sought to be referred in the applications is said to arise, we find that the Tribunal held on the appreciation of facts that putting money in securities which were ter....

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....s a sine qua non in view of the provisions of section 24 of the Banking Regulation Act for the assessee to carry on the business in a lawful manner. Therefore, when the assessee makes investments in Government Securities and in trustee securities upto a level prescribed by the statue or even beyond that, what the assessee is doing is only meeting one of the requirements of carrying on the business....