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2016 (6) TMI 1115 - GUJARAT HIGH COURT

2016 (6) TMI 1115 - GUJARAT HIGH COURT - [2016] 387 ITR 573 - Addition of interest of inter-corporate deposits to the chargeable interest under the Interest Tax Act, 1994 - Held that:- The question raised in these appeals is 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 (8) TMI 783 - Delhi High Court ] wherein, it has been held that the expression ‘advance’ occurring in section 2(7) along with the expre .....

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on 5. We concur with the view taken by the Delhi High Court in the aforesaid decision and consequently, answer the question in favour of the assessee - Tax Appeal No. 117 of 2009 with Tax Appeal No. 119 of 2009 with Tax Appeal No. 121 of 2009 - Dated:- 27-6-2016 - K. S. Jhaveri And G. R. Udhwani, JJ. For the Appellant : Sudhir M. Mehta For the Opponent : B. S. Soparkar, Swati Soparkar JUDGMENT K. S. Jhaveri, J. 1. These appeals involve identical questions on law and were also ordered to be heard .....

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of this judgment, Tax Appeal No.117/2009 is taken as the lead matter. In this case, the assessment was completed u/s.8(2) of the Interest Tax Act, 1974 on 31.01.2000 at ₹ 85,94,43,576/. Thereafter, the chargeable interest was revised by CIT(A), vide order dated 14.02.2001. Subsequently, the assessment was reopened u/s.10 of the Act and total chargeable interest was determined at ₹ 64,84,39,803/, vide assessment order dated 18.03.2004. Thereafter, the chargeable interest was revised t .....

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