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2005 (4) TMI 21 - HC - Income Tax"Whether Tribunal was right in law in holding that the assessee-company was not a financial company within the meaning of clause (c) of Explanation to sub-section (8) of section 40A, and therefore, the Income-tax Officer was justified in making disallowance from expenditure by way of interest paid by the assessee on deposits?" - It will be open for the Tribunal to consider the nature of transactions entered into by the assessee-company in the light of the principles laid down by the court pertaining to the acquisition and holding of shares and securities, i.e., whether the same have been transferred in the name of the assessee-company before the assessee-company dealt with such shares and securities during the relevant accounting period. - Tribunal shall decide the appeal and adjust its decision in the light of the aforesaid principles while finalizing the appeal u/s 260(1)
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