https://www.taxtmi.com/caselaws?id=287106 The High Court upheld the Tribunal's classification of the assessee as a financial company under the Interest Tax Act, 1974. It determined that the interest earned was taxable under the Act, rejecting the argument that it was from deposits rather than loans or advances due to lack of prior contention and evidence. The appeal was dismissed, and the court ruled against the assessee, affirming liability for interest tax on the income earned. en-us Wed, 28 Feb 2018 00:00:00 +0530 Sat, 28 Mar 2020 19:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287106 The High Court upheld the Tribunal's classification of the assessee as a financial company under the Interest Tax Act, 1974. It determined that the interest earned was taxable under the Act, rejecting the argument that it was from deposits rather than loans or advances due to lack of prior contention and evidence. The appeal was dismissed, and the court ruled against the assessee, affirming liability for interest tax on the income earned. Case-Laws Income Tax Wed, 28 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287106