Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Apr-30-1982
Reported in : (1984)8ITD354(Ahd.)
..... and instructions issued by the rbi as also the state government from time to time. in order to meet the resources of finance for the business, the assessee-company had resorted to floating of debentures, borrowings from banks and deposits from public at interest. the bye-laws also permit the assessee to buy and sell securities. the assessee-bank submitted its return ..... and in the statement accompanying it, the assessee had shown business income of rs. 15,10,632, which was claimed as exempt under section 80p of the income-tax act, 1961 ('the act'). it, however, submitted a revised statement disclosing therein income from property at rs. 17,322. the balance income of rs. 2,74,20,362, which was showr. as business ..... not been convicted of any offence involving moral turpitude, or if convicted a period of four years should have elapsed since his release, (e) firms, companies, associations, trusts or societies registered under the societies registration act, 1960, provided that they hold agricultural land and borrow loan from the bank, (f) any statutory body or any body corporate established under any law for ..... the bank or such other higher limit as may be sanctioned by the registrar. provided further that the total amount due on debentures and outstanding at any time should not exceed the limit prescribed in section 119 of the act. according to the revenue, the mode of raising funds do not include the normal business of banking, i.e., receiving of deposits .....Tag this Judgment!