1. IN this application under Section 256(1) of the INcome-tax Art, 1961, the Tribunal has referred the following question :

"Whether, on the facts and in the circumstances of the case and on a proper interpretation of Section 32AB, the assessee was eligible for the deduction in respect of the dividend income ?"

2. THE assessee is the owner of 13 tea gardens. All these are situated in upper Assam. THE assessee derives income from these tea gardens. In addition to that, the assessee has also received dividend income and claimed the benefit of Section 32AB of the Act on the dividend income also. That has been denied by the Assessing Officer. In appeal before the Commissioner of Income-tax (Appeals), the Commissioner of Income-tax (Appeals) also found that the assessee is not entitled for deduction under Section 32AB on the dividend income. In appeal before the Tribunal, it is recorded that Section 32AB(3) says what the profits of the business of an assessee for the purpose of Sub-section (1) are and according to the said sub-section, the profits shall be an amount arrived at after deducting an amount equal to the depreciation as per Section 32(1) from the profits computed as p