2000 (6) TMI 8

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..... as 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 deposit account allowance as per the report submitted under r .....

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..... fits 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 said clarification needs to be read in the light of the fact .....

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