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2002 (11) TMI 60 - KERALA HIGH COURT1. Whether, in view of the fact that the assessee is accepting deposits, etc., the Tribunal is right in law and fact in holding that the assessee is only a money-lender and 'is not carrying on the business of banking' ? - 2. Whether, the asses see is entitled to registration under the Income-tax Act ?" - Tribunal has rightly understood this position and held that since the assessee-firm is registered under the Indian Partnership Act besides holding licence under the Money Lenders Act the provisions of section 11 of the Companies Act are satisfied. In other words the inhibition contained under section 11 is not attracted. We are perfectly in agreement with the interpretation placed by the Tribunal on the provisions of section 11 of the Companies Act and in holding that the assessee is entitled to the benefit of registration for this year. We think it is unnecessary to answer the first question referred to us in view of the interpretation placed by us on the provisions of section 11 of the Companies Act. We accordingly decline to answer the first question. So far as the second question is concerned, we answer the same in the affirmative, i.e., in favour of the assessee and against the Revenue.
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