TMI Blog1997 (3) TMI 43X X X X Extracts X X X X X X X X Extracts X X X X ..... and 505 of 1983, the Appellate Tribunal has stated the case and referred to us the following common question of law for the assessment years 1976-77 and 1977-78 : "Whether, on the facts and in the circumstances of the case, and having regard to the provisions of section 18(1)(ii) of the Income-tax Act, 1961, the Appellate Tribunal was right in holding that the interest on debentures issued by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 1974---ITA No. 5 of 1979---the Appellate Tribunal has accepted the claim of the assessee and held that the interest on co-operative land mortgage bank debentures should be assessed under the head "interest on securities". It is this order that is the subject-matter of the present tax case. At the time of hearing of the tax case reference, Mr. C.V. Rajan, junior standing counsel for income-ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not come within the purview of "interest on securities", the necessary logical consequence is that the interest on the said debentures would be assessable only under the head "Income from other sources". In view of the above, the Appellate Tribunal's conclusion that the said interest should be assessed under "interest on securities" is not legally sustainable. Mr. Janarthana Raja does not disput ..... X X X X Extracts X X X X X X X X Extracts X X X X
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