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2003 (9) TMI 74 - ALLAHABAD HIGH COURTInterest Tax Act, 1974 - objects for which the company was established - Whether the Tribunal was right in holding that the assessee was not a miscellaneous finance company but a residuary non-banking company? - The principal business of the respondent-company as is evident from the record is to accept deposits under various schemes, and it cannot be said that it carries on exclusively, or almost exclusively, two or more classes of business referred to in clauses (i) to (va) of section 2(5B) - The Tribunal has recorded a finding of fact that the respondent-company was not carrying on any other business except as mentioned in object No.1 of the memorandum of association. Hence, it is not a miscellaneous finance company as defined in the Act. This finding being a finding of fact, cannot be interfered with in this second appeal under section 260A of the Income-tax Act, which is analogous to a second appeal under section 100 of the Civil Procedure Code. There is no force in these appeals and they are therefore dismissed.
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