1998 (3) TMI 101

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..... has been referred by the Income-tax Appellate Tribunal under section 256(1) of the Income-tax Act, 1961 (for short "the Act") : Assessment year 1981-82: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that the short-term deposits are 'investment' of the assessee within the meaning of the provisions of section 80P(2)(d) .....

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..... 80P(2) of the Act and qualified for deduction from the taxable income of the assessee-society. We are inclined to take the same view as in the case of CIT v. Haryana Co-operative Sugar Mills Ltd. [1989] 180 ITR 631 (P H) and answer the question in the affirmative, i.e., against the Department and in favour of the assessee-society subject to verification by the Assessing Officer if the investm .....

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