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2014 (1) TMI 1593 - DELHI HIGH COURTWhether the loss in the cement division be set off against the profits from the finance division - Held that:- The assessee was persuing both financiang and manufacturing activity simultaneously - The orders of CIT(A) also mentions a circular dated 1.7.2005, which categorically states that it is the RBI alone which is authorised to permit or refuse non-banking finance activity - The income tax authorities are not empowered to enforce the provisions powers of the RBI Act - Decided against Revenue.
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