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Judgment
C.M. No. 9001/2009 in ITR 357/1984
Having regard to the averments made in this application and the order dated 5-12-2008, we revive reference in ITR 357/1984. CM stands disposed of.
ITR 357/1984
It is contended by learned counsel for the petitioner that reference in this case stands answered, in so far as question No. 3 is concerned, in favour of the petitioner, as decided by this court vide its order dated 3-1-2008 in ITR 330-32/1986.
Question No. 3 which is covered by the aforesaid order reads as under:-
Whether on the facts and in the circumstances of the case, the sum of Rs. 42.04 lakhs received by the assessee bank by way of Export subsidy from the Reserve Bank of India was chargeable under Interest Act as interest?
In the aforesaid order, this court has answered that identical question in the negative in favour of assessee and against the Revenue holding that the aforesaid amount was not chargeable under Interest Act as interest.
We, accordingly, answer the aforesaid question, here also in negative i.e., in favour of Assessee and against the Revenue. The other two questions need not be answered. Petition is disposed of accordingly.