9911796707
TMI Blog1995 (11) TMI 53X X X X Extracts X X X X X X X X Extracts X X X X ..... gment of the court was delivered by B. R. ARORA J.--The Income-tax Appellate Tribunal, Jaipur Bench, Jaipur, at the instance of the Revenue, has referred the following question of law for the opinion of the High Court with respect to the assessment year 1977-78 of the assessee : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the public, repayable on demand or otherwise and withdrawal by cheque, draft, order or otherwise. In order to constitute the business of banking, it is necessary that these activities must be the main source of income of the society. It is equally true that the words which are used in one particular clause have to be given the same colour and understood as forming part of one genus of which t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or decision in D. B. Income-tax Reference No. 10 of 1986--(CIT v. Co-operative Supply and Commission Shop Ltd. [1993] 204 ITR 713 (Raj)), decided on October 13, 1992, in the case of the assessee itself. For the reasons given in the aforesaid case for the assessment year 1978-79, it is held that the interest on the outstanding balance in respect of supplies of goods would not qualify for special de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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