M/S.POPULAR FINANCE,PATHANAMTHITTA vs. THE ACIT, CIRCLE-1, THIRUVALLA

In the result, the appeals of the Revenue are partly allowed for statistical purposes

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

250 only. In verification of the records it is seen that the number of depositors in this case is much more than the permitted limit, thereby openly flouting the provisions of RBI Act, 1934. 9. Therefore, the expenses incurred on accepting public deposits is nothing but an expense incurred for a purpose which is prohibited by law. Explanation to section

M/S POPULAR FINANCE COMPANY,PATHANAMTHITTA vs. THE ACIT,CIR-1,, THIRUVALLA

In the result, the appeals of the Revenue are partly allowed for statistical purposes