TMI Blog1997 (4) TMI 49X X X X Extracts X X X X X X X X Extracts X X X X ..... reference under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), for the opinion of this court : "Whether, on the facts and in the circumstances of the case, the learned Income-tax Appellate Tribunal is right in law in allowing deduction under section 80P(2)(d) of the Income-tax Act, 1961, in respect of interest of Rs. 4,90,919 on account of interest received f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er. Again being not satisfied with this order, the assessee filed a second appeal before Income-tax Appellate Tribunal, Amritsar Bench, Amritsar, who allowed the appeal of the assessee relying upon its earlier decision on the issue involved. The Revenue aggrieved by this order sought a reference for the opinion of this court on the abovestated question. We have heard learned counsel for the part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e by way of interest or dividends derived by the co-operative society from its investments with any other co-operative society, the whole of such income." So far as the principle of interpretation applicable to a taxing statute is concerned, we can do no better than to quote the by-now classic words of Rowlatt J., in Cape Brandy Syndicate v. IRC [1921] 1 KB 64, 71 : ". . . In a taxing Act, one ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion envisages deduction in respect of any income derived by the co-operative society from any investment with a co-operative society. It is immaterial whether any interest paid to the co-operative society exceeds the interest received from the bank on investments. The Revenue is not required to look to the nature of the investment whether it was from its surplus funds or otherwise. The Act does no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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