1979 (3) TMI 69 - AT - Income Tax

Summary

The judgment concerns an appeal by the Revenue and a cross-objection by the assessee regarding the tax treatment of interest earned from Government Securities. The Appellate Tribunal upheld the order of the AAC, ruling that the interest income was exempt under section 80P(2)(a)(i) of the IT Act as it was considered business income. The Tribunal found no reason to interfere with the AAC's decision and dismissed the Revenue's appeal while allowing the assessee's cross-objection.