The interest or dividend derived from such investment cannot be regarded as part of the profits of the business (sic) qua such bank and therefore, it is not exempt from income tax (Vide Hoshiarvur Central Co operative Bank vs Commissioner of Income tax (1),) " Against this order a case was stated at the instance of the appellant under section 66(1) of the Act, and the following two questions of law were referred for the opinion of the High Court; (1) Whether, in the facts and circumstances of this case, the receipt of interest on fixed deposits was an income under the head of I other sources ': and (2) Whether in the facts and circumstances of this case, the receipt of interest from the fixed deposits was an income not exempt from taxation under the C. B. R. Notification No. 35 dated 20th October, 1934 and No. 33 dated the 18th August, 1945.