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 of Rs.98.60 lacs under the head interest to the income and expenditure account, that out of the interest of Rs.98.60 lacs it reduced interest of Rs.22.51 lacs...