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2016 (10) TMI 54 - SC - Income TaxInterest on debentures - Whether the Appellate Tribunal is right in law in holding that the interest on debentures cannot be equated with advancement of loans and thereby, not chargeable to Interest Tax under the Interest Tax Act, 1974? - Held that:- We have also taken into account the definition of the term “interest” as contained in Section 2(7) of the Interest Tax Act, 1974. On such consideration, we hold that the provisions of the said Act by virtue of the definition would have no application to the transactions in question making the Assessee liable to pay tax under the said Act. Consequently, we hold that the decision of the learned Appellate Tribunal as upheld by the High Court insofar as questions in issue are concerned would not require any interference. The appeals consequently are dismissed.
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