2016 (7) TMI 62

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r dated 27th November, 2009 passed by the Income Tax Appellate Tribunal "C" Bench, Kolkata in ITA No.553 (Kol) of 2009 pertaining to the assessment year 2006-07 by which the learned Tribunal allowed an appeal preferred by the assessee and held that the loan obtained by the assessee from M/s. DBPL did not fall within the mischief of Section 2(22)(e) of the I.T. Act because the case of the said comp....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....PL was carrying on money lending business also. [b] Since the interest earned on loans and advances in the case of M/s. DBPL is accepted by the revenue department as major source of income in the regular assessment order, therefore, the revenue at this stage cannot take a contrary view in the same matter. [c] In the case of M/s. DBPL, the memorandum also authorises it to do the business of m....