2015 (10) TMI 817

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Venkatnarayanan for Mr. Subbaraya Aiyar JUDGMENT (Judgment of the Court was delivered by V. Ramasubramanian, J. ) Revenue has come up with the above appeal raising the following substantial question of law:- "Whether, in the facts and circumstances of the case, the Tribunal was right in holding that the interest under Section 12 and 12A of the Interest Tax Act and Section 220(2) ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....velopment. Therefore, the assessing officer held that the assessee was liable under the Interest Tax Act. 5. The Commissioner of Income Tax (Appeals) confirmed the order of assessment, but, it was reversed by the Tribunal, holding that the assessee would not come within the expression "finance company" under section 2(5B) of the Interest Tax Act and that therefore, it is not a credit institutio....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ome Tax (Appeals) by order dated 12.12.2006, on the basis of the decision of the Tribunal in favour of the assessee in I.T.A.Nos.91 to 95/Mds/2003. The Tribunal affirmed the decision of the Commissioner of Tax (Appeals), by order dated 14.12.2007 and hence, the Revenue is before us. 8. As rightly admitted by the learned counsel appearing on both sides, the proceedings impugned in the present ap....