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Commissioner of Income Tax-Gandhinagar Versus Gujarat Industrial Investment Corporation Ltd.

2016 (6) TMI 1115 - GUJARAT HIGH COURT

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 Commissio .....

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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 .....

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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 Ap .....

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117/2009. Therefore, they are decided by this common judgment. 2. These appeals under Section 260A of the Income-tax Act, 1961 have been admitted in terms of the following substantial question of law: Whether the Appellate Tribunal is right in law an .....

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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 .....

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against which the assessee as well as the Revenue preferred appeal before the Tribunal. Vide order dated 30.03.2005, the Tribunal set aside the order of CIT(A). 4. In compliance of the order, the assessment was completed on chargeable interest at &# .....

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-corporate deposits amounting to ₹ 10,64,384/as per the directions of the Tribunal vide order dated 30.03.2005, which was not excluded while framing the assessment after it was set aside by the Tribunal. In appeal preferred by the Revenue, the .....

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gment of the Delhi High Court rendered in the case of Commissioner of Income-tax v. Visisth Chay Vyapar Ltd., [2011] 339 ITR 157 (Delhi) ([2012] 20 taxmann.com 377 (Delhi)] wherein, it has been held that the expression advance occurring in section 2( .....

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