2012 (2) TMI 666

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....nt Mr. J.D. Mistri, Senior Advocate with Mr. P.C. Tripathi and Mr. Raj Darak for the Respondent ORDER P. C. 1. This appeal which relates to Assessment Year 1996-97 arises out of an order of the Income Tax Appellate Tribunal dated 3 March 2009. 2. The assessee had in the previous year relevant to the assessment year in question raised money through fixed convertible debentures. The m....

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....e stated to be an incidental object and although the manufacturing business of the assessee commenced in September 1995, the funds which the assessee deployed were received back only in March 1996. 3. The Tribunal in an appeal has adverted to the submissions which were urged by the assessee in paragraph 6 of its decision. The assessee relied upon an order of this Court, which was placed in the ....

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....vestment arm which was demerged later into a separate company and (iii) There were decisions of coordinate benches including in relation to the assessee itself. It has based on this appraisal of the facts that the Tribunal has held that the interest realized on debentures would have to be taxed as business income. The facts which have been adverted to in the order of the Tribunal would indicate th....