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The Commissioner of Income Tax-3 Mumbai Versus M/s. Bajaj Capital Ventures P. Ltd.

2016 (10) TMI 978 - BOMBAY HIGH COURT

Interest earned on money lending operation - “Profits and Gains from Business & Profession” OR “Income from Other Sources” - Held that:- We find that the two authorities have concurrently come to a finding of fact that the activity of money lending c .....

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of entries made in the books of accounts as well as in the bank statement. This findings of fact by the CIT(A) and the Tribunal, are not shown to be perverse and / or arbitrary in any manner. The view taken is a possible view - Income Tax Appeal No. .....

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lenges the order dated 2nd August, 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 200809. 2. The Revenue has urged the only following question of law for our consideration : Whethe .....

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from Other Sources as held by the Assessing Officer without appreciating that the assessee is not an NBFC and hence giving loans and advances to other parties, cannot be considered as business activity . 3. The respondent assessee is engaged in the .....

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However, the Assessing Officer did not accept the same and held it to be chargeable under the head income from other sources in the assessment order dated 20th December, 2010. 4. Being aggrieved, the respondent assessee filed an appeal to the Commiss .....

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ney and also advance loans and the analysis of the bank statement for the concerned period, concluded that the respondent assessee was engaged in the business of money lending in an organized and a systematic manner. It rendered a finding that the ac .....

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ppeal to the Tribunal. The Tribunal on the basis of the material available before it rendered a finding that the respondent assessee is engaged in the business of money lending. Therefore, it held that the interest income earned on money lending is c .....

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