2013 (11) TMI 1746

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....r to allow deduction under section 80IB of the Income Tax Act of Rs. 41,22,946/- without appreciating the facts brought o record by the Assessing Officer during the course of assessment proceedings." 2. Learned D.R. of the Revenue supported the assessment order whereas the learned A.R. of the assessee supported the order of learned CIT(A). He also submitted that this issue is now covered in favour of the assessee by Tribunal decision in assessee's own case for assessment year 2005-06 and 2006-07 as per Tribunal order in I.T.A. No.474/Lkw/12 dated 22/03/2013 and I.T.A. No.376/Lkw/2011 dated 28/05/2013 for assessment year 2005-06 and 2006-07 respectively. Copy of the order was submitted. 3. We have considered the rival submissions a....

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.... are engaged in the business of money lending therefore, provisions of section 2(22)(e) of the Act are not applicable. 6. We have considered the rival submissions, perused the material available on record and gone through the orders of the authorities below. As per the memorandum of these companies, available in the paper book, it is found that the main objects of these two companies were not to engage themselves in money lending business although as per clause No. 3 of the objects clause, it is listed as ancillary object to invest and deal with the funds of the company not immediately required in such investments or securities and in such manner as shall from time to time be thought necessary for the benefit of the company. Hence, merel....