https://www.taxtmi.com/caselaws?id=59681 The Tribunal clarified that hire purchase and bill discounting are not considered part of granting loans and advances within the scope of s. 73, Expln. (ii). A calculation error in determining the percentage of funds employed in granting loans and advances was acknowledged and corrected. The Tribunal emphasized the need for accurate assessment of capital employed in this business. Insufficient evidence led to remittance of the matter to the Assessing Officer for determining the principal business activity of the assessee. The Tribunal partially allowed the application, rectified the calculation mistake, and stressed the importance of proper evaluation in such cases. en-us Fri, 17 Mar 2006 00:00:00 +0530 Fri, 31 Dec 2010 14:33:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59681 The Tribunal clarified that hire purchase and bill discounting are not considered part of granting loans and advances within the scope of s. 73, Expln. (ii). A calculation error in determining the percentage of funds employed in granting loans and advances was acknowledged and corrected. The Tribunal emphasized the need for accurate assessment of capital employed in this business. Insufficient evidence led to remittance of the matter to the Assessing Officer for determining the principal business activity of the assessee. The Tribunal partially allowed the application, rectified the calculation mistake, and stressed the importance of proper evaluation in such cases. Case-Laws Income Tax Fri, 17 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59681