AI Structured Summary
Not yet generated for this judgment
Judgment
C.A. Nos. 5671-72 of 1999 at SLP (C.) Nos. 8892-93 of 1999 :
Leave granted. After hearing learned counsel for the appellant, in our opinion, questions of law did arise. We, therefore, allow this appeal and direct the Tribunal to state the case and refer the following two questions of law to the High Court :
"Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in upholding the Commissioner of income tax (Appeals) in directing the Assessing Officer to treat the interest income as eligible profits of the business while computing the deduction u/s 32AB of the Act ?
Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in upholding the order of the Commissioner of income tax (Appeals) in directing the Assessing Officer to include the interest income in the gross total income while computing the relief u/s 80-I of the Act ?
There will be no order as to costs.
C.A. No. 5673 of 1999 at SLP (C) No. 9107 of 1999 :
Special leave granted. After hearing learned counsel for the appellant, in our opinion, a question of law did arise. We, therefore, allow this appeal and direct the Tribunal to state the case and refer the following question of law to the High Court :
"Whether, on the facts and in the circumstances of the case, the income tax Appellate Tribunal was justified in upholding the order of the Commissioner of income tax (Appeals) in granting relief to the assessee u/s 32AB of the income tax Act, 1961, on the interest component of the income earned out of the monies invested in short term deposits for the assessment year 1990-91?"
There will be no order as to costs.