Ajit K. Sengupta, J. - (1.) In this reference under Section 256(1) of the Income-tax Act, 1961, the Tribunal has referred the following question of law for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the interest income of Rs. 21,912 in respect of money lying with the receiver appointed by the Hon'ble High Court and invested by him could not be included in the assessee's total income liable for assessment in the assessment year 1971-72 ? "
(2.) The facts leading to this reference are stated hereinafter as follows :
(3.) The assessee is a limited company. For the assessment year 1971-72, the assessee claimed before the Income-tax Officer that accrued interest of Rs. 21,912 on the amount lying with the receiver and invested by him was not liable to assessment. The Income-tax Officer following his earlier orders did not accept the claim of the assessee and included the accrued interest of Rs. 21,912 in the total income of the assessee company. The assessee preferred an appeal before the Appellate Assistant Commissioner.;