2014 (1) TMI 1593

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....ent appeal is directed against an order of the Income Tax Appellate Tribunal (ITAT) in Appeal No.3799/Del.2010. The assessee is engaged inter alia in the business activities of the finance and cement manufacturing. For the assessment year 2007-08, the assessing officer after considering the returns held that both businesses i.e. finance and manufacturing cement as a non-banking finance institution....

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....is in the error of law. The revenue urges that the loss in the cement division could not have been set off against the profits from the finance division of the assessee, relying upon the provisions of Chapter III-B of the RBI Act, especially section 45I(vi)(aa). 4. This Court has considered the submissions. Both the Appellate Commissioner and the ITAT have, in the opinion of this Court, applied ....