2016 (8) TMI 267

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.... For the Appellant : M. R. Bhatt (Sr. Advocate), Mauna M. Bhatt, (Advocate) For the Opponent : B. S. Soparkar (Advocate ), Swati Soparkar (Advocate) JUDGMENT K. S. Jhaveri, J. 1. These Tax Appeals under Section 260A of the Incometax 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....

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....t under the Interest Tax Act, 1974 for the A.Y. 19981999. On the basis of return filed for the A.Y. 19981999, 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 initiat....

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....n held that the expression 'advance' occurring in section 2(7) along with the expression 'loan' should take its colour from 'loan' and cannot be given wider interpretation to include deposit as well, otherwise, money deposits given for investments, etc., would also qualify as 'advances' and interest thereon would become exigible to the Interest-tax Act. Such a situation was never contemplated by t....