TMI Blog2016 (10) TMI 54X X X X Extracts X X X X X X X X Extracts X X X X ..... 1974? - Held that:- We have also taken into account the definition of the term “interest” as contained in Section 2(7) of the Interest Tax Act, 1974. On such consideration, we hold that the provisions of the said Act by virtue of the definition would have no application to the transactions in question making the Assessee liable to pay tax under the said Act. Consequently, we hold that the decision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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? 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 interest? 3. Whether the Appellate Tribunal is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld 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 Act. 3. We have read and considered the order of the learned Income Tax Appellate Tribunal ( Appellate Tribunal for short) and the order of the High Court reiterating the view taken by the learned Appellate Tribunal on the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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