2004 (9) TMI 37 - ALLAHABAD HIGH COURT

"1. Whether, Tribunal was justified in deleting the interest disallowed on loan given by the assessee to its sister concern for non-business purposes? 2. Whether, Tribunal was justified in directing to allow investment allowance on telephone exchange installed in fertilizer unit and distillery unit which is engaged in manufacture of articles and things listed in the Eleventh Schedule? 3. Whether, Tribunal was legally justified in holding that the ex gratia bonus payments made by the assessee over and above the bonus payable in accordance with the provisions of the Bonus Act, 1965 were an allowable deduction? 4. Whether, Tribunal was justified in directing the AO to treat the interest and dividend income as business income while the AO has rightly assessed the same as 'Income, from other sources'?" - We decide the first and the third questions in the affirmative, i.e., in favour of assessee-company; the second question is decided partly in favour of the appellant and question No. 4 is decided in favour of the appellant