1982 (6) TMI 67

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..... hat the AAC wrongly held that the income from interest on Government securities was exempt u/s. 80P(2)(a)(i) of the IT Act, 1961. On the other hand, according to the cross-objection the order of the AAC was in conformity with the orders of the Appellate Tribunal for the earlier years and was, therefore, justified. 2. Both the ld. departmental representative Shri Prasad as well as the assessee's .....

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..... time of hearing that this very issue also cropped up before the Hon'ble High Court for an earlier assessment year and the Hon'ble High Court by judgment in ITA No.112 of 1980 held that no statable question of law arises on the facts found by the Appellate Tribunal in the present case and, therefore, the application for reference was rightly rejected. We have, therefore, no hesitation in coming to .....

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