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2013 (3) TMI 194 - ITAT MUMBAITaxability of Interest Income - inter-corporate deposits - PGBP or income from other sources - held that:- AO examined what is the business of the assessee, what is the dividend income and what are the investments made by the assessee and thereafter gave a specific finding that the assessee has made investments of Rs. 28,24,05,056/- and the main income of the assessee is dividend income. He gave further finding that the assessee has advanced inter-corporate deposits of only Rs. 1.25 crores, out of the total funds available with the assessee of Rs. 34,84,38,144/-. After considering the entire facts of the case, the AO came to the conclusion that the assessee is not in the business of money lending or finance and, therefore, the income received by the assessee was assessed as income from other sources. - CIT(A) confirmed the action of the AO. - Order of CIT(A) sustained - Decided in favor of Revenue.
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