Tribunal grants partial relief in interest tax appeals, excludes certain income sources.

The Tribunal partially allowed three appeals of the assessee concerning the applicability of interest tax on interest income. The decision granted relief on interest income from certain sources based on exclusions and concessions, while upholding tax liability on other amounts. The Tribunal considered legal interpretations, including the definition of chargeable interest and exclusions under the Interest Tax Act. The judgment was pronounced on 08/10/2018, providing partial relief to the assessee in each appeal.

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Issues:
Applicability of interest tax on interest income declared by the assessee company for different assessment years.

Analysis:
1. The appeals raised the grievance of interest tax applicability on interest income declared by the assessee company. All appeals were heard together due to similar issues.
2. The lead case for adjudication was Int.T.A. No.1/Ahd/2017 concerning AY 1995-96, where the AR challenged the chargeability of interest income under s.8(3) r.w.s. 10 of the Interest Tax Act, 1974.
3. The AR contended that interest income was predominantly from the company's own funds, not loans or advances, thus not subject to interest tax.
4. The AR highlighted interest income details from various sources, emphasizing that certain amounts were not susceptible to interest tax based on legal definitions and precedents.
5. The Tribunal considered the arguments, granting relief on interest income from certain sources based on exclusions and concessions, while upholding tax liability on other amounts.
6. The decision was based on legal interpretations, including the definition of chargeable interest and exclusions under the Act.
7. Relief was granted in part for each appeal, considering specific details of interest income from different sources and legal precedents.
8. The judgment was pronounced on 08/10/2018, partially allowing all three appeals of the assessee.

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