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2011 (1) TMI 530 - SC - Income TaxChargeable interest under the 1974 Act - The main question is determination in this case was whether the receipt from lease charges, from net hire-purchase charges and bill discounting charges could be taxed under the 1974 Act - This is apart from the question as to whether the assessee which is a non-banking financial company is a credit institution u/s 2(5A) of the 1974 Act - Hence, the matter needs reconsideration in accordance with law - Needless to add that under section 260A, the High Court has to frame questions which according to it are substantial questions of law before answering them - Hence, direct the High Court to decide the matter in accordance with law.
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