Interest, dividend and ship-sale turnover issues admitted for Tribunal determination under core-activity and deduction questions.

Interest and dividend income was treated as a substantial question on whether it is attributable to the assessee's core activity and not separately assessable as income from other sources; the Court admitted the issue and remitted it to the Tribunal. The deductibility of administrative expenses in computing interest and dividend income was also admitted as a question of law and sent back for determination. A further question was admitted on whether profits from sale of ships and related assets form part of total turnover for applying the proviso to Section 115VI(1); this too was remitted to the Tribunal for adjudication.

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Outcome: Appeal admitted on substantial questions of law relating to classification of interest and dividend income, deduction of administrative expenses, and treatment of profits from sale of ships and related assets.

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