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2009 (10) TMI 485 - HC - Income TaxInterest Tax - Charge of Tax - In essence, the controversy is as to whether the assessee is a "finance company" or a "credit institution" in terms of section 2(5B) of the Interest- tax Act, 1974. The assessee-company is engaged, in the business of hire purchase and leasing activities. It had not been filing return under the Interest-tax Act, 1974 (hereinafter referred to as "the Act"). A letter dated September 22, 2003 was issued, by the Assessing Officer (AO) to the asses- see seeking its explanation for non-filing the interest-tax return for the period in question. In reply, the assessee submitted that it was not liable to file any return. Held that - it was not possible to conclusively determine in these proceedings, as to whether the assessee was a financial company or a credit institution or not. For this purpose the matter was remitted to the Assessing Officer for fresh determination. Allowing the appeal.
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