Bombay High Court Allows Assessee's Reference, Holds Interest Income as Business Income in Mining Company's Diversification into Money Lending. Amendment of Memorandum and Articles of Association to include banking and money lending, coupled with actual lending activities, established money lending as a business under Section 28 of Income Tax Act, 1961....
The case involves five Income Tax References filed by M/s Central Provinces Manganese Ore Company Limited, Nagpur, against the Commissioner of Income Tax, Vidarbha, Nagpur. The assessee, a company reg...
