TaxTMI 
TaxTMI 
2008 (2) TMI 415
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....ment of the court was delivered by DEEPAK VERMA J. - Heard Sri M. V. Seshachala, learned counsel for the appellants and Sri G. Sarangan, senior counsel along with Miss. Vani, learned counsel for the respondent. 2. This appeal is at the instance of the Revenue against the order dated August 9, 2002, passed by the Income-tax Appellate Tribunal in Interest-tax Appeals Nos. 16, 17 and 18/Bang/1997, ....
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....interest-tax in respect of income earned from interest on securities with effect from 1996-97 only. For the relevant year, exemption was held to be not applicable. The other questions were also considered and consequently the Assessing Officer held that interest on securities is required to be brought to tax as per the provisions of the Act. 4. The assessee feeling aggrieved by the said order, wa....
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....ly and were disposed of by the consolidated order. In view of this, three appeals were preferred in the High Court. We have been given to understand that out of the three appeals, two appeals have already been disposed of on earlier occasion. The order passed by the Division Bench of this court in I. T. A. No. 537 of 2002 decided on November 27, 2007, has been filed before us for our perusal. The ....
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....st earned by the assessee-banks on dated Government securities was liable to be assessed under section 2(7) read with section 4 of the Interest-tax Act, 1974. In our view, there is a basic difference between loans and advances on the one hand and investments/securities on the other. This difference is indicated in the provisions of the Income-tax Act, the Companies Act as well as the Banking Regul....