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Commissioner of Income Tax, Chennai Versus M/s. Tamilnadu Industrial Development Corporation Ltd.

2015 (10) TMI 817 - MADRAS HIGH COURT

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 .....

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Therefore, the order of the Tribunal impugned in this appeal should also meet with the very same fate. Hence, the question of law is answered against the assessee. - T.C. (A) No. 879 of 2008 - Dated:- 16-9-2015 - V. Ramasubramanian And T. Mathivanan .....

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ubstantial 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 t .....

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x Act, calling upon the assessee to file Return of chargeable interest for the assessment years 1993-94 to 1997-98, since the assessee had not filed Returns. The assessee claimed that it is not a credit institution and hence, the provisions of Intere .....

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l 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 assess .....

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of the Tribunal, the Revenue came up with five appeals in T.C.A.Nos.1401 to 1405 of 2007. By order dated 27.8.2014, the appeals were allowed and the question of law relating to the issue as to whether the assessee is a financial company or a credit i .....

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12A of the Interest Tax Act and section 220(2) of the Income Tax Act. This petition was rejected by the assessing officer by an order dated 31.3.2006. But, the same was reversed by the Commissioner of Income Tax (Appeals) by order dated 12.12.2006, .....

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