2004 (10) TMI 273

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....from hire-purchase finance companies and miscellaneous finance companies, respectively, and discount on foreign usance bills of Rs. 66,20,036 as claimed by the appellant vide letter dt. 12th Nov., 1999, inspite of the fact that the said amounts do not fall within the definition of chargeable interest under s. 5 of the Interest-tax Act, 1974." 3. The relevant facts, briefly stated, are that assessee had filed the return declaring chargeable interest of Rs. 4,93,61,95,250 on 28th Nov., 1997. A notice under s. 7(2) of the Interest-tax Act, 1974, was issued. Subsequently, a detailed questionnaire along with the notice was issued to the assessee-bank. The assessee furnished reply in response to the requisition made by the AO. During the cours....

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....ered by him and not on the basis of information furnished by the assessee. Since the AO had not requisitioned the information about the deductions claimed by the assessee by way of letter filed in the course of assessment proceedings, the AO was justified in denying the claim to the assessee. It was further contended that in any case the AO has not considered the deductions on merits and as such in case the Bench is of the view that the claim of the assessee is to be considered, the matter be remitted back to the AO for consideration in accordance with law. 6. We have given our careful consideration to the rival contentions. It is not disputed that the assessee had not filed the revised return rectifying the mistake in the original retur....