Set-off of interest received against interest paid rejected where earlier rulings had already decided the business income issue against the assessee.

Interest received was claimed to be set off against interest paid while computing business profits, including where the receipt was assessed under the head of profits and gains of business. The court held that the assessee's questions of law were already covered by earlier decisions of the same court, which had decided the issue against the assessee. The set-off claim was therefore rejected and the appeals failed in favour of the Revenue.

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Issues: Whether the interest received was liable to be set off against the interest paid while computing business profits, including where the receipt was assessable under the head of profits and gains of business.

Analysis: The assessee's questions of law were held to be covered by earlier decisions of the Court, which had already decided the issue against the assessee.

Conclusion: The claim for set-off was rejected and the appeals were dismissed in favour of the Revenue.

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