In the result, the appeals filed by the assessee are dismissed
Bench: Shri Waseem Ahmed & Shri Soundararajan K.
disallowance represented money paid in excess of limit which was prescribed under Kerala Money lenders Act, expenditure was in teeth of Explanation to section 37(1) and was not to be allowed - Held, yes [Para 9] [In favour of revenue]" 12.0. Here, assessee is accepting deposits which is prohibited by law-section 45- S of the RBI Act. The appellant