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2005 (9) TMI 55 - HC - Income TaxInterest Tax Act, 1974 - Charge of Tax - "(a) Whether, Tribunal is right in holding that the reopening of assessment under section 10 of the Interest-tax Act is bad in law? - (b) Whether, Tribunal is right in law in holding that interest on securities does not form part of chargeable interest for the purpose of interest-tax? - We add that interpretation of statute particularly, fiscal statute has to be strict and nothing can be read into the statute resulting in destroying the legislative intention in terms of the well-settled principles of law. The law of interpretation of statute also would support the assessees-bank – two questions referred to above in this reference are answered in the affirmative i.e., in favour of the banks and against the Revenue
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