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2009 (4) TMI 331 - HC - Income TaxCondone of delay, and taxability of interest– there are the two issues- 1.Whether, the Tribunal was right in treating the appeal filed by the assessee-company to the Commissioner (Appeals) as maintainable and valid in law, when the official liquidator was appointed and had taken charge prior to the filing of appeal before the Commissioner (Appeals)?2. Whether, the Tribunal was right in holding that the Commissioner (Appeals) was fight in condoning the delay of 1,826 days in filing the appeal before him 3. Whether, the Tribunal was right in holding that the finance charges and related interest is not assessable to the Interest-tax Act?. Held that- contention regarding maintainability not taken before tribunal but taken for first time before high court cannot be considered. the delay was properly explained by the assessee thus is to be condoned. the assessee was only a financier to help the purchaser were finding of fact. The Tribunal was right in holding that the finance charges and the related interest were not assessable to interest tax.
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