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2005 (12) TMI 78 - HC - Income TaxApplicability of Interest Tax Act, 1974 – appellant, a co-operative thrift and credit society did not file a return of chargeable interest under the Interest-tax Act of 1974 - AO held that the interest accrued to the appellant-assessee should be brought to tax under the provisions of the Interest-tax Act by holding that the appellant society is a credit institution within the meaning of section 2(5A) of the Interest-tax Act and holding that the appellant society is engaged in banking within the purview of the said section - Tribunal is right in law in holding that the activities of borrowing money and lending money to the members of the petitioner is similar to the one that is carried on by bankers, which accepts deposits from the depositors and lends money to various borrowers - Tribunal is right in confirming the demand without considering whether the appellant carries on the business of banking after satisfying the various norms laid down in the Banking Regulation Act - Tribunal is right in law in holding that the Interest-tax Act would be applicable to the petitioner
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