1. :- This appeal has been filed by the Revenue, against the judgment of the learned Tribunal, dated 18th March, 2004 [reported as Neha Proteins Ltd. v. Asstt. CIT (2004) 83 TTJ (Jd) 236-Ed.], partly allowing the appeal of the assessee and holding that the assessee is entitled to set off interest earned by it on the deposits of the public issue money, against the expenses incurred for the public issue, and for this finding, the learned Tribunal has relied upon the judgment of the Hon'ble Supreme Court, in CIT v. Bokaro Steel Ltd. reported in 236 ITR 315 .

2. The appeal was admitted vide order dated 10th Aug., 2005, by framing the following substantial question of law:

"Whether in the facts and circumstances of the case, the Tribunal was right in law in holding that interest earned by the assessee from short-term deposits of the share application amount received is not taxable as income from other sources, but is income from profit and gains of business and was liable to be set off against the other liability of the assessee to pay interest on borrowed money ?

3. The necessary facts are, that the assessee filed a return which was processed under Section 143(l)(a). Thereafte