High Court Of Madhya Pradesh
CIT vs. Smt. Madhu Kanta Ben
J.S. Verma, Actg. C.J. & B.M. Lal, J.
Misc. Civil Case No. 198 of 1983
23rd April, 1986
J.S. VERMA, ACTG. C.J.:
This is an application under s. 256(2) of the IT Act, 1961, for a direction to the Tribunal to state the case and refer to this Court for decision certain questions of law formulated in the application.
Having heard both sides, we are satisfied that a question of law does arise out of the Tribunal’s order which requires a decision of this Court. No doubt, a similar question has been decided by this Court in Narsibhai Patel vs. CWT (1981) 127 ITR 633 (MP) with reference to the assessment made under the WT Act, 1957. However, it will have to be examined whether the relevant provisions of the IT Act are the same as the corresponding provisions in the WT Act or there is any difference therein which raises a question of law for our decision.
Consequently, this application is allowed. We direct the Tribunal to state the case and refer to this Court for decision the following question of law, viz.:
” Whether a partner is entitled to exemption under s. 80L of the IT Act in respect of interest earned by the firm on bank deposits held in its name ?
4. No order as to costs.
[Citation : 172 ITR 437]