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TMI Blog2004 (5) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... der of the Tribunal quoted supra would indicate that the rectification was done or was required to be done on the strength of the law laid down by the Supreme Court in the case of Kerala State Industrial Development Corporation Ltd. v. CIT. It is in this case, their Lordships have explained the manner in which the tax is to be calculated on the interest earned by the assessee. So the rectification ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st an order dated September 23, 2003, passed by the Income-tax Appellate Tribunal (for short called "the Tribunal") in case No. MA/99/Ind of 2003-20/Ind of 2003 arising out of two appeals 1/Ind of 1995 and 2/Ind of 1996 relating to the assessment years 1992-93 and 1993-94. In fact, the impugned order was passed by the Tribunal at the instance of the assessee (MPFC) who had made an application un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that reference to section 145 of the Income-tax Act, 1961, was incorporated with effect from October 1,1991, in section 21 of the Interest-tax Act, 1974. Section 145 of the Income-tax Act, permits income chargeable under the head 'Profits and gains of business or profession' or 'Income from other sources' to be computed in accordance with either the cash or mercantile system of accounting, as ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appellant and having perused the record of the case, we find no cause to admit the appeal as in our opinion no question of law as is required to be made out under section 260A ibid arises out of the order of the Tribunal. Mere perusal of the impugned order of the Tribunal quoted supra would indicate that the rectification was done or was required to be done on the strength of the law laid down ..... X X X X Extracts X X X X X X X X Extracts X X X X
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