- (1.) HEARD counsel for the parties.
(2.) THIS reference has been made by the Tribunal under section 256(1) of the Income Tax Act for our opinion on the following question of law : 'Whether in the facts and circumstances of the case, and on a correct interpretation of the objects of the assessee -society the Appellate Tribunal was correct in law in holding that the assessee was entitled to the exemption claimed under section 80P(2)(a)(iv) of the Income Tax Act, 1961 in respect of the receipts from its members by way of interest ?' The facts of this case are covered by the Division Bench decision of this court in CIT v. Krishak Sahkari Ganna Samiti Ltd., Lakhimpur Kheri (2002) 125 (All). Following the said decision the question referred to us is answered in the affirmative, that is in favour of the assessee and against the department.;