CIT Vs. NAHAR SPINNING MILLS LTD

JUDGEMENT

(1.) Following questions have been referred for opinion of this court by the Income-Lax Appellate Tribunal, Chandigarh Bench, Chandigarh, arising out of its order dated 11-4-1996 in ITA No. 1385/Chd./1994, for the assessment year 1992-93:

(2.) Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in holding that income from non-trade investment forms part of profit from business or profession for the purpose of deduction under Section 80HHC

(3.) Learned Counsel for the revenue submitted that the view taken by the Tribunal is contrary to law but in support of his arguments, no provision or judgment has been cited.