https://www.taxtmi.com/caselaws?id=117098 A mistaken concession on taxability in law does not bar an assessee from challenging an assessment, because a concession on a pure question of law does not validate a charge without legal authority. The appeal was therefore maintainable. Debenture interest was also held not to be interest on loans and advances within the charging provision of the Interest Tax Act, so it could not be subjected to interest tax under section 2(7). The combined effect was that the assessment could not stand on either the maintainability objection or the substantive taxability issue, and the debenture interest was deleted from charge. en-us Tue, 25 Feb 2003 00:00:00 +0530 Wed, 20 Jun 2012 13:04:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117098 A mistaken concession on taxability in law does not bar an assessee from challenging an assessment, because a concession on a pure question of law does not validate a charge without legal authority. The appeal was therefore maintainable. Debenture interest was also held not to be interest on loans and advances within the charging provision of the Interest Tax Act, so it could not be subjected to interest tax under section 2(7). The combined effect was that the assessment could not stand on either the maintainability objection or the substantive taxability issue, and the debenture interest was deleted from charge. Case-Laws Income Tax Tue, 25 Feb 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117098