TMI Blog1991 (3) TMI 129X X X X Extracts X X X X X X X X Extracts X X X X ..... ent years involved are 1972-73, 1973-74 and 1974-75. By its order dated February 3, 1976, under section 256(1) of the Income-tax Act, 1961, the Income-tax Appellate Tribunal has referred to this court the following question of law: "Whether, on the facts and in the circumstances of the case and on a correct interpretation of the provisions of section 80MM, the Tribunal erred in law in holding th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of rule 1 (x) of the First Schedule to the Surtax Act, 1964. His submission is that the question herein is not covered by the decision of the Supreme Court or of our court. Placing reliance on the Madras High Court decisions in the cases of CIT v. Madras Motor and General Insurance Co. Ltd. [1986] 159 ITR 601 and CIT v. K. S. Narayanan [1986] 159 ITR 618 and the Calcutta High Court decision i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 ITR 120, held that the interpretation given to section 80M in that case was applicable to section 80K also. Reliance placed by Shri Dilip Dwarkadas on the Board's Circular No. 341 dated May 10, 1982, is of no consequence as the said circular was issued on the basis of the Supreme Court's earlier decision in the case of Cloth Traders P. Ltd. v. Addl. CIT [1979] 118 ITR 243 which now stands overru ..... X X X X Extracts X X X X X X X X Extracts X X X X
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