9911796707
TMI Blog1996 (1) TMI 70X X X X Extracts X X X X X X X X Extracts X X X X ..... l and the Tribunal has referred the following question of law for opinion of this court : " Whether a partner is entitled to exemption under section 80L of the Income-tax Act in respect of interest earned by the firm on bank deposits held in its name ? " The brief facts giving rise to this reference are this : The assessees/non-applicants are partners in P. D. and Company, Raipur, which firm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Commissioner accepted the claim of the assessees and directed the Income-tax Officer to allow the deduction under section 80L of the Income-tax Act. Against this, the applicant/Revenue preferred an appeal before the Tribunal and the Tribunal dismissed the Departmental appeal and upheld the order of the Appellate Assistant Commissioner. Thereafter, the Revenue moved an application for making a re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection (1) is derived from any asset held by, or on behalf of, a firm, an association of persons or a body of individuals, no deduction shall be allowed under the said sub-section in respect of such income in computing the total income of any partner of the firm or any member of the association or body." Now, after this amendment, no deduction in the income of the partners out of the interest is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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