1996 (1) TMI 43

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..... AM J. --- At the instance of the Department, the Tribunal referred the following common question for the assessment years 1973-74 and 1976-77 for the opinion of this court under section 256(1) of the Income-tax Act, 1961 : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in law in holding that the interest on securities and dividend were business in .....

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..... was receiving dividend on shares in companies to the extent of Rs. 2,705 for the assessment year 1973-74 and Rs. 3,205 for the assessment year 1976-77. Since these amounts fall below the exemption limit of Rs. 20,000 under section 80P(2)(c) of the Act, deduction was granted by the tribunal. The conclusion arrived at by the Tribunal is supported by the provisions contained in section 80P(2)(c) of t .....

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