Bench: Shri Saktijit Dey, Vice- & Shri Girish Agrawal
III(a) to section 194A(3) of the Act, any income credited or paid to any banking company, to which the Banking Regulation Act, 1949 applies, has been excluded from applicability of section 194A of the Act. The approval granted by the RBI to AU Financiers (India) Ltd. makes it clear that it has been covered under the Banking Regulation