V.K.SINGHAL, J. - (1.) THE Tribunal has referred the following questions of law arising out of its order dt. 9th March, 1981, in respect of the asst. year 1975 -76: "(1) Whether the Tribunal was correct in law in allowing the deduction under S. 80P(2) of the Act at Rs. 98,323 only out of deduction claimed for Rs. 3,51,154? (2) Whether the Tribunal was correct in law in deducting proportionate expenditure at the rate of 72 per cent out of the income claimed under S. 80P(2) of the Act for the overhead expenditure? (3) Whether the Tribunal was correct in law in not allowing the entire expenditure under S. 37 of the Act against the taxable income?"
(2.) THIS matter has been considered in D. B. IT Ref. No. 90 of 1982 in the case of Kota Co -operative Marketing Society Ltd. vs. CIT (1994) 207 ITR 608 (Raj). Following the decision in the said case this reference is accordingly answered in favour of the Revenue and against the asseess. No order as to cost;