https://www.taxtmi.com/caselaws?id=330729 The Appellate Tribunal held that income from interest on inter-corporate deposit was not chargeable to tax under the Interest Tax Act. It concluded that an inter-corporate deposit cannot be considered as a loan or an advance, directing the Assessing Officer to exclude the interest on such deposit from the assessee's assessment. The Tribunal also canceled the penalty levied under section 13 of the Interest Tax Act. The High Court concurred with this decision, ruling in favor of the assessee on all three issues, leading to the dismissal of the appeals without costs. en-us Fri, 15 Jul 2016 00:00:00 +0530 Thu, 04 Aug 2016 11:32:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330729 The Appellate Tribunal held that income from interest on inter-corporate deposit was not chargeable to tax under the Interest Tax Act. It concluded that an inter-corporate deposit cannot be considered as a loan or an advance, directing the Assessing Officer to exclude the interest on such deposit from the assessee's assessment. The Tribunal also canceled the penalty levied under section 13 of the Interest Tax Act. The High Court concurred with this decision, ruling in favor of the assessee on all three issues, leading to the dismissal of the appeals without costs. Case-Laws Income Tax Fri, 15 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330729