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2015 (10) TMI 817 - MADRAS HIGH COURT

2015 (10) TMI 817 - MADRAS HIGH COURT - TMI - Leviability of interest under Section 12 and 12A of the Interest Tax Act and Section 220(2) of the Income Tax Act on assessee - Held that:- The proceedings impugned in the present appeal are only consequential to the original order of assessment. The original order of assessment has been upheld by this court [2014 (9) TMI 429 - MADRAS HIGH COURT] wherein the order of the Tribunal got reversed. It was on the basis of the very same order of the Tribuna .....

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with the above appeal raising the following substantial question of law:- "Whether, in the facts and circumstances of the case, the Tribunal was right in holding that the interest under Section 12 and 12A of the Interest Tax Act and Section 220(2) of the Income Tax Act is not leviable on the assessee?" 2. Heard Mr.M.Swaminathan, learned counsel for the appellant/Revenue and Mr.Venkatnarayanan, learned counsel appearing for the respondent/assessee. 3. It appears that the Department iss .....

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ng term finance for industrial and agricultural development. Therefore, the assessing officer held that the assessee was liable under the Interest Tax Act. 5. The Commissioner of Income Tax (Appeals) confirmed the order of assessment, but, it was reversed by the Tribunal, holding that the assessee would not come within the expression "finance company" under section 2(5B) of the Interest Tax Act and that therefore, it is not a credit institution within the meaning of section 2(5A) of th .....

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