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2015 (10) TMI 1011 - HC - Income TaxLoss incurred through forfeiture of share application money - whether pertained to capital account in disregard of the fact that the acquisition of shares, stocks, bonds, debentures and debenture stock is integral part of the assessee’s ordinary business opereation as a non-banking financial company ? - Held that:- As we find that none of the authorities – the Assessing Officer, CIT(A) and the Tribunal had occasion to deal with the provisions contained in the Residuary Non-Banking Companies (Reserve Bank) Directions, 1987 which has been relied on behalf of the appellant, the order under challenge cannot be sustained and is set aside and quashed. Accordingly, the matter is remanded before the Assessing Officer who shall pass necessary order within four months from the date of presentation of a copy of the certified copy of this order after giving an opportunity of hearing to the assessee. At the time of hearing, the assessee is at liberty to rely on the provisions contained in the Residuary Non-Banking Companies (Reserve Bank) Directions, 1987 which shall be dealt with by the Assessing Officer in its order.
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