2005 (12) TMI 76

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....he following questions of law were referred for the opinion of this court by the Tribunal for the assessment year 1986-87: "1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the assessee is entitled to exemption under section 80P(2)(a)(i) of the Income-tax Act in respect of interest received from the members of the society? 2. ....

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....lause or/and the business activities of the assessee mill as stated at (x) of page No. 33 of the typed set of papers is also granting loans and advances to the members at such rates as may be prescribed by the Committee, we are of the view that the submission made by learned senior Central Government standing counsel does not hold water to take a different view. In respect of the second question ....