TMI Blog2014 (1) TMI 1593X X X X Extracts X X X X X X X X Extracts X X X X ..... es 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. - ITA 476/2013 - - - Dated:- 3-1-2014 - MR. S. RAVINDRA BHAT AND MR. R.V.EASWAR For the Appellant : : Mr. Kamal Sawhney, Sr. standing counsel For the Respondent : Mr. Sal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee carried the matter in appeal, successfully. The Appellate Commissioner was of the opinion that the question of legality or otherwise of the cement business could not be gone into in income tax proceedings especially because such business requires the sanction and authority of law inasmuch as the company had obtained necessary and requisite prior approvals. The revenue appealed unsuccessfu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... business activities are per se prohibited by any law. What is urged by the revenue is that the company could not have pursued both the commercial activities, given the provisions of section 45I(vi)(aa). In this regard the Court notices that the income tax authorities are not empowered to enforce the provisions powers of the RBI Act. The Reserve Bank is the sole regulator of such activities. The or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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