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C.I.T v. M/S Kisan Sahkari Chhini - INCOME TAX REFERENCE No. 96 of 1994 [2005] RD-AH 1035 (12 April 2005)


This is an UNCERTIFIED copy for information/reference. For authentic copy please refer to certified copy only. In case of any mistake, please bring it to the notice of Joint Registrar(Copying).


Hon'ble R.K.Agrawal, J.

Hon'ble Rajes Kumar, J.

The Income Tax Appellate Tribunal, Delhi has referred the following question of law under Section 256(1) of the Income Tax Act, 1961 (hereinafter referred to as "the Act") for opinion to this Court:-

"Whether on the facts and in the circumstances of the case, the Tribunal was legally justified in holding that the interest earned on the amounts kept in Special Deposit Account was a capital receipt and accordingly not liable to tax?"

The reference relates to the Assessment Year 1985-86.

We have heard Sri A.N.Mahajan, learned Standing Counsel for the Revenue. No body has appeared on behalf of the respondent assessee.

We find that this Court in Income Tax Reference No.219 of 1992, decided on 7.4.2005, has held that the interest earned on amount kept in special deposit account under the agreement with IFCI is liable to tax under the head "Income from other sources" and it does not go to reduce the cost of construction.

Respectfully following the aforesaid decision, we answer the question of law referred to us in the affirmative, i.e., in favour of the Revenue and against the assessee. There shall be no order as to costs.  




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