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Commissioner of Income Tax, Gandhinagar Versus Gujarat Industrial Investment Corporation

2016 (10) TMI 54 - SUPREME COURT

Interest on debentures - Whether the Appellate Tribunal is right in law in holding that the interest on debentures cannot be equated with advancement of loans and thereby, not chargeable to Interest Tax under the Interest Tax Act, 1974? - Held that:- .....

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n to the transactions in question making the Assessee liable to pay tax under the said Act. Consequently, we hold that the decision of the learned Appellate Tribunal as upheld by the High Court insofar as questions in issue are concerned would not re .....

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A.P. Mayee, Adv. and Mr. B. V. Balaram Das, Adv. for the Appellants. Mr. Ramesh P. Bhatt, Sr. Adv., Mr. Bhargava V. Desai, Adv. and Ms. Akriti Dewan, Adv. for the Respondents. ORDER 1. Four questions were framed by the High Court for adjudication in .....

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y, not chargeable to Interest Tax under the Interest Tax Act, 1974? 2. Whether the Appellate Tribunal is right in law and on facts in holding that the respondent is liable to interest tax only on the net interest received by it and not the gross inte .....

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ribunal is right in law in holding that the amounts given to other Corporations would be deposits and the interest thereon would not be chargeable interest under the Interest Tax Act, 1974? 2. All the aforesaid four questions were decided against the .....

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to tax under the Interest Tax Act. b) Whether interest liability, if any, should be computed on net basis or gross interest basis under the said Act. c) Whether interest on monies lent to other corporations would attract the provisions of the said A .....

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