1999 (10) TMI 5 - SC - Income Tax

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 under section 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 - Tribunal is directed to state the case and refer the above question of law to the HC

Summary

The Supreme Court directed the Tribunal to refer questions of law to the High Court regarding the treatment of interest income for deduction under section 32AB and inclusion in gross total income for relief under section 80-I of the Income-tax Act. Another question referred was about granting relief under section 32AB on interest income earned from short term deposits.