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TMI Blog1989 (7) TMI 10X X X X Extracts X X X X X X X X Extracts X X X X ..... petition under section 256(2) of the Income-tax Act, 1961, seeking a direction that the Tribunal should state the case and refer two questions of law to this court : It appears that the respondent-company was formed with the primary object of setting up a hotel. According to its memorandum of association, a large number of business activities could be undertaken by the respondent. For the purpose ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... member or employee may then be interested." The last part of the memorandum contains the other objects and clauses 30 and 31 thereof read as follows : "(30) To carry on business as financiers and as guarantors upon payment of commission and to undertake and carry out all such operations and transactions as an individual capitalist or agent may lawfully undertake and carry out. (31) To advance, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liable to be taxed under the head "Business". We find that the Tribunal did refer to the aforesaid clause 9, but gave no reason as to why the said clause was not applicable. Furthermore, no reference was at all made to clause 14 of the main objects clause of the memorandum. The Tribunal also did not refer to or consider the fact that the deposits were made by the respondent-company with other com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case, the Tribunal is correct in law in holding that the income from interest was from a business activity and not from 'other sources' ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal is correct in law in holding that the assessee would be entitled to the benefit of the tax deducted at source in the period subsequent to the accounting period relevant to the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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