https://www.taxtmi.com/caselaws?id=66021 Partial merger in an appellate order does not bar revision under section 263(1) for matters not actually considered in appeal, so the original assessment remains open to that extent. A chit fund business is not a financial company or loan company under section 40A(8) merely because it conducts chit operations or provides prize-related funding; the statutory test is whether its principal business is financing by loans, advances or cognate modes, and the assessee failed that test. The disallowance of interest on deposits or borrowings was therefore sustained. en-us Mon, 15 Jun 1987 00:00:00 +0530 Sat, 19 Feb 2011 18:44:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66021 Partial merger in an appellate order does not bar revision under section 263(1) for matters not actually considered in appeal, so the original assessment remains open to that extent. A chit fund business is not a financial company or loan company under section 40A(8) merely because it conducts chit operations or provides prize-related funding; the statutory test is whether its principal business is financing by loans, advances or cognate modes, and the assessee failed that test. The disallowance of interest on deposits or borrowings was therefore sustained. Case-Laws Income Tax Mon, 15 Jun 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66021