TaxTMI 
TaxTMI 
2016 (10) TMI 978
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....s Appeal under Section 260A of the Income Tax Act, 1961 (the Act) challenges 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....
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....n 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 money and also advance loan....
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....Therefore, the impugned order of the Tribunal upheld the order of the CIT(A) and dismissed the Revenue's appeal. 6. 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 com....