2016 (8) TMI 320

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....questions of law was framed by the Court for consideration :- "Whether the Appellate tribunal is right in law and on facts in holding that the assessee company is not a finance company within the meaning of Section 2(5B) of the Interest Tax Act?" 3. The brief facts of the case are as under :- The assessment u/s. 8(3) r.w.s. 10 of the Interest Tax Act were finalized on 28.03.2003 in the case of the assessee on a total income of Rs. 75,33,688/- after making for the assessment year : 1998-1999, addition on account of interest of Rs. 52,05,601/-, addition on account of bill discounting charges of Rs. 18,42,606/- and addition on account of hire purchase charges of Rs. 4,85,461/-. In respect of the Assessment Year : 1998-1999, the CIT (Appe....

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....er dated 26.10.2007 of the Tribunal. 5. On the other hand, learned Counsel appearing for the respondent - assessee has submitted that the Tribunal has given cogent and convincing reasons to arrive at the conclusion that the assessee cannot be a company chargeable under the Interest Tax Act. Relevant part of the findings of the Tribunal which as under :- "11. The Tribunal in the case of Pinnacle Finance Ltd. (supra) held in para-5 of its order that none of the activities being more than 50% of the cumulative percentage being 58.67% cannot be said to be exclusively and exclusively or almost exclusively so as to invoke the provisions of section 2(5B) of the Interest Tax Act by observing at Para-10 as under :- "10. In the present case, we....