2000 (6) TMI 8

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....al filed by the Department is : whether the Tribunal was justified in holding that income from dividends, profits on sale of investments and interest on deposits constituted profits from eligible business within the meaning of section 32AB of the Income-tax Act, 1961. The facts giving rise to this appeal, briefly, are as follows : The assessee is a club. The assessee claimed investment depos....

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....he assessee was entitled to include such income into profits from eligible business. Being aggrieved, the Department has come in appeal. Learned counsel appearing for the Department relied upon the order passed by the Assessing Officer in which a specific reference is made to the clarification issued by the Institute of Chartered Accountants. We have gone through the said clarification. The sai....