Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2002 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2002 (12) TMI 73 - HC - Income TaxInterest Tax Act, 1974 - Charge Of Tax - Whether, the Tribunal was justified in holding that loans and advances do not include interest on securities, bonds and debentures and, therefore, not liable to tax under the provisions of the Interest-tax Act when the interest on securities fall within the meaning of 'interest chargeable to tax' as defined under section 2(7) of the Interest-tax Act, 1974. Moreover, requirements of tax deduction at source from interest on securities as per section 193 of the Income-tax Act makes it clear that interest on securities is chargeable to tax under the Interest-tax Act, 1974 - we answer the above question in the affirmative, i.e., in favour of the assessee and against the Department. Accordingly, the appeals are dismissed
|