- (1.) These two appeals being ITAT No. 41 of 2014 and ITAT No. 59 of 2014 under section 260A of the Income Tax Act, 1961 have been preferred by the assessee and the revenue respectively against order dated 30th December, 2013 passed by the Income Tax Appellate Tribunal 'A' Bench, Kolkata in ITA No. 701/Kolkata/2011 relating to the assessment year 2007-08. The assessee sought formulation of questions mentioned in paragraph-8 of its stay application, while the revenue wanted formulation of questions as mentioned in paragraph-4 of its stay application.
(2.) We have heard Mr. Nageswar Rao, learned Advocate on behalf of the assessee as well as Md. Nizamuddin, learned Advocate on behalf of the revenue. By consent of the parties, we admit the appeals on the following questions framed.
(3.) In the assessee's appeal, the question for adjudication is as follows: "Whether on the facts and circumstances of the case and in law, the Tribunal erred in holding that the "interest income" earned by the Appellant/Petitioner cannot be said to be "derived by" the eligible undertaking/units as required for claiming deduction under sub-section (2) of section 80IC of the Act, 1961?;