2006 (1) TMI 63

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..... come-tax Act, 1961 by the Revenue, against the order of the Income-tax Appellate Tribunal, Madras, "D" Bench, dated June 30, 2005, in I.T.A. No. 530/Mds/2002, for the assessment year 1993-94, raising the following substantial question of law: "Whether, on the facts and circumstances of the case, the Income-tax Appellate Tribunal was right in holding that the assessee is entitled to deduction in r .....

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..... ounsel for the Revenue that the issue raised in the question is covered against the Revenue by the decision of this court in CIT v. N.S.C. Shoes [2002] 258 ITR 749, wherein it is held that the interest income is also eligible for deduction provided it is included in the computation of profits and gains of the business. Applying the ratio laid down by this court in the decision cited supra, we hol .....

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