COMMISSIONER OF INCOME TAX Vs. AMALGAMATIONS LIMITED

JUDGEMENT

(1.) AT the instance of the Department, the Tribunal referred the following eight questions for the opinion of this Court under s. 256(1) of the IT Act, 1961, for the asst. yrs. 1977-78 and 1978-79, respectively :

(2.) THE first question relates to the computation of income under the head "Business" or under the head "Income from house property" or under the head "Income from other sources". THE second question relates to the income from the property at No. 24, Edward Elliots Road, Madras, and whether it should be computed for inclusion in the assessee's total income. THE third question relates to whether the interest income, guarantee commission, profits on sale of assets and miscellaneous income should be considered as falling under the head "Business". THE fourth question relates to the interest on money taken on fixed deposits for paying the estate duty. THE fifth question relates to set off of carried forward losses of the earlier years against the income of the asst. yr. 1977-78 (sic-1978-79). THE sixth question relates to whether the interest on investments should be assessed under the head "Business". THE seventh question relates to credit guarantee paid for the estate duty payment and whether it should be allowed as a deduction. THE eighth question relates to the grossing up of the foreign dividend for income-tax purposes.