Mere denial by RBI to Register Assessee as NBFC do not change nature of business income to Income from Other Sources

Brief Facts of the Case and Question

Brief Facts: Assessee company,engaged in the business of leasing, financing and trading, filed its return of income on 10.11.2006,declaring total loss of Rs. 51,13,930/-. The Assessing Officer (AO) completed the assessment u/s.143(3) of the Act on 24.10.2008,determining the income of the assessee at Rs. 22,51,508/-

During the assessment proceeding ,the AO found that the assessee had debited an amount

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