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2016 (8) TMI 267 - GUJARAT HIGH COURT

2016 (8) TMI 267 - GUJARAT HIGH COURT - TMI - 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 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 giv .....

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eal No. 1430 of 2007 - Dated:- 27-6-2016 - K. 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 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 to 47/Ahd/2004 raising the .....

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of the assessee? [C] Whether the Appellate Tribunal 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, 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 .....

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