2008 (9) TMI 591

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..... been filed with regard to the following questions of law :   "(a) The substantial question of law which arises in the present appeal is regarding the true scope and correct interpretation of section 32 and other provisions of the Income-tax Act, 1961 and whether on the facts and circumstances of the case and in law, the hon'ble Tribunal was right in allowing the assessee's claim of deprecia .....

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..... interest of Rs. 42,01,800 being the interest attributable to earning of dividend income, which was disallowed by the Assessing Officer ?   (d) The fourth substantial question of law which arises in the present appeal is regarding the true scope and correct interpretation of section 115JA(2) and other provisions of the Income-tax Act, 1961 and whether on the facts and circumstances of the ca .....

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..... inding that the borrowing made by the appellant were very much part and parcel of the assessee's investment in acquiring the ship. Even the R.B.I.'s permission was obtained for the same and interest was acquired with regard to the unutilised portion of the said borrowing. In view thereof, the Tribunal has clearly given a finding of fact that the aforesaid income by way of interest was for business .....

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