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THE COMMISSIONER OF INCOME TAX AHMEDABAD - IV Versus UTKARSH FINCAP PVT. LTD

2016 (8) TMI 113 - GUJARAT HIGH COURT

Interest on inter corporate deposit - whether was not chargeable to tax under the Interest Tax Act? - whether inter corporate deposit can neither be treated as loan nor an advance? - Held that:- Questions raised in these appeals are already settled by a judgment of the Delhi High Court rendered in the case of Commissioner of Income-tax v. Visisth Chay Vyapar Ltd., [2011] (Delhi) (2011 (8) TMI 783 - Delhi High Court ] wherein, it has been held that the expression advance occurring in section 2(7) .....

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ax under section 5 - Decided in favour of the assessee - TAX APPEAL NO. 1215 of 2007 - Dated:- 15-7-2016 - MR. KS JHAVERI AND MR. G.R.UDHWANI, JJ. FOR THE APPELLANT : MR NITIN K MEHTA, ADVOCATE FOR THE OPPONENT : MRS SWATI SOPARKAR, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1. This Tax Appeal u/s.260A of the Income-tax Act, 1961 is filed against the order dated 30.11.2005 passed by the Income Tax Appellate Tribunal, Ahmedabad in ITA No.19/Ahd/2005 raising the following subs .....

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f the assessee? [C] Whether the Appellate Tribunal is right in law and on facts in cancelling the penalty levied u/s.13 of the Interest Act? 2. The facts in brief are that for the A.Y. 1999-2000 the assessee-company had not filed Interest Tax return declaring the chargeable interest under the Interest Tax Act, 1974. On the basis of return filed for A.Y. 1999-2000, it was noticed that the assessee-company was liable to pay interest tax and therefore, Notice was issued to the assessee. Ultimately, .....

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s reproduced hereunder: 1. These Tax Appeals under Section 260A of the Income-tax Act, 1961 are filed against the common order dated 30.11.2005 passed by the Income Tax Appellate Tribunal, Ahmedabad Bench A in ITA Nos.18 to 20/Ahd/2005 and 45 to 47/Ahd/2004 raising the following common substantial questions of law: [A] Whether the Appellate Tribunal is right in law and on facts in holding that the income from interest on inter corporate deposit was not chargeable to tax under the Interest Tax Ac .....

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turn declaring chargeable interest under the Interest Tax Act, 1974 for the A.Y. 1998-1999. On the basis of return filed for the A.Y. 1998-1999, it was noticed that the assessee company was liable to pay interest tax. Therefore, Notice u/s.10 was issued to the assessee on 09.12.2003. The assessee company filed its return of chargeable interest under the Act on 30.12.2003 declaring NIL interest. Assessment proceedings were initiated and ultimately, the Assessing Officer passed the assessment orde .....

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