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TMI Blog1996 (4) TMI 16X X X X Extracts X X X X X X X X Extracts X X X X ..... essee was carrying on business and hence the income of the assessee should be computed under the head 'Business' and not under the heads 'Income from house property' and 'Income from other sources'? 2. Whether the Appellate Tribunal was right in holding that no income from property No. 24, Edward Elliots Road, Madras, should be computed for inclusion in the assessee's total income? 3. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding that the interest income, guarantee commission, profits on sale of assets and miscellaneous income should be considered as falling under the head 'Business'? 4. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 assessment year 1977-78 (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. In CIT v. Amalgamations (P.) Ltd. [1977] 108 ITR 895 (Mad), in the case of the very same assessee for the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The fourth question, viz., whether the interest on the money taken on fixed deposits for the payment of estate duty should be allowed as a deduction is covered as per the decision of this court in Tax Cases Nos. 1109 to 1113 of 1979 (CIT v. Amalgamations Ltd. [1995] 214 ITR 399). The fifth question relating to set off of carried forward losses of the earlier years against the income of the assessment year 1978-79 was also covered in favour of the assessee as per the said decision in CIT v. Amalgamations Ltd. [1995] 214 ITR 399. With reference to the sixth question relating to the interest on investments assessable under the head "Business", in the decision in CIT v. Amalgamations (P.) Ltd. [1977] 108 ITR 895, this court held that the ver ..... X X X X Extracts X X X X X X X X Extracts X X X X
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