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2016 (10) TMI 54 - SUPREME COURT

2016 (10) TMI 54 - SUPREME COURT - [2016] 388 ITR 484 - 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:- 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 .....

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v., Mr. S.A. Haseeb, Adv., Mrs. Anil Katiyar, Adv., Mr. 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 the appeals before it under Section 260A of the Income Tax Act. The said questions are extracted below: 1 Whether the Appellate Tribunal is right in law in holding that the interest on debenture .....

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der the Income Tax Act, 1974? 4. Whether the Appellate Tribunal 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 Revenue and in favour of the Assessee giving rise to the present appeals. In the present appeals by order dated 20th July, 2007 a limited notice was issued on the following questions: a) Whethe .....

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