April 2005

Sec. 45Q, Section 45

Gujarat H.C : Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee-company was not a financial company within the meaning of cl. (c) of Explanation to sub-s. (8) of s. 40A of the IT Act, 1961, and, therefore, the ITO was justified in making disallowance from expenditure by way of interest paid by the assessee on deposits ?

High Court Of Gujarat Barkha Investment & Trading Co. vs. CIT Section 40A(8),Non-Banking Financial Companies (Reserve Bank) Directions, 1977, cls.

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