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Commissioner of Income Tax Ahmedabad-IV Versus Utkarsh Fincap Pvt. Ltd.

2016 (8) TMI 267 - GUJARAT HIGH COURT

Income from interest on inter corporate deposit - chargeablility to tax under the Interest Tax Act - Held that:-Commissioner of Incometax v. Visisth Chay Vyapar Ltd., [2011 (8) TMI 783 - Delhi High Court ] wherein, it has been held that the expressio .....

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s Ďadvancesí and interest thereon would become exigible to the Interest-tax Act. Such a situation was never contemplated by the legislature. Hence, intercorporate deposit is not in the nature of loan or advance within the meaning of section 2(7) and .....

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S. Jhaveri And G. R. Udhwani, JJ. 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 o .....

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[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 Act? [B] Whether the Appellate Tribunal is right in law and on facts .....

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bunal is right in law and on facts in canceling the penalty levied u/s.13 of the Interest Act ? 2. Briefly stated, the facts are that the assessee Company had not filed interest tax return declaring chargeable interest under the Interest Tax Act, 197 .....

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turn 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 order on 22.09.2004. Against the said order, the assessee filed appeals .....

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vide order dated 30.11.2005. Hence, these appeals. 3. We have heard learned counsel for the respective parties and perused the documents on record. The question nos.(1) & (2) raised in these appeals are already settled by a judgment of the Delhi .....

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