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

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 carried out by the respondent assessee is its business activity. This on account of its activity of money lending being in accordance with the object clause of the company, duly supported by the Resolution of its Board of Directors and on examination .....

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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 : Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in treating interest earned on money lending operation of ₹ 1,25,22,877/under the head Profits and Gains from Business & Profession instead of Income .....

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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 Commissioner of Income Tax (Appeals) [CIT(A)]. On examination of the facts before it, particularly the object clause of the respondent assessee to carry out money lending business, the Resolutions passed by its Board of Directors authorizing it to borrow mo .....

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