The assessee companytended that it was entitled to the benefit of Section 81 of the Income Tax Act as in force at all material time.
Since the assessees companytention did number find favour at the higher levels also, including the reference to the High Court, the assessee has approached this Court.
The Income Tax Officer rejected this claim of exemption form tax put forward by the assessee.
While framing assessment for the relevant assessment years in question, the income Tax Officer, included in the taxable income of the assessee interest earned on securities earmarked against reserves and interest earned on Provident Fund deposits.
5813 14 of 1982.
The assessee in all these cases is a Co operative Society registered under the Madhya Pradesh Co operative Societies Amalgamation Act, 1957, hereinafter called the Act.
M. Ahmadi, C.J Special leave granted in SLP C Nos.
