1997 (3) TMI 28

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....of the Revenue, the Appellate Tribunal has stated a case and referred the following questions of law under section 256(1) of the Income-tax Act, 1961, for the opinion of this court for the assessment year 1979-80 : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the guarantee commission should be assessed to tax as business income and the....

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....el for the Revenue, has fairly stated that the issue raised in this question is covered against the Revenue by the decision of this court in the assessee's own case in CIT v. Amalgamations (P.) Ltd. [1977] 108 ITR 895, wherein this court has held that the guarantee commission and the miscellaneous income received should be assessed under the head "Business". Following the decision of this court re....