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TMI Blog2011 (12) TMI 126X X X X Extracts X X X X X X X X Extracts X X X X ..... ns for condonation of delay in refiling of the appeals. 1.1 For the reasons stated in the applications, the delay is condoned. The applications are disposed of. ITA Nos.1276/2011 & 1277/2011 1.2 These appeals by Revenue filed under Section 260A of the Income Tax Act, 1961 (Act, for short) impugn order dated 30th November, 2010 passed by the Income Tax Appellate Tribunal (tribunal, for short) u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the Golden Bonds Scheme was not repayment of any deposit, but was repayment of a loan and there was no violation of Section 269T, as it stood at that time. Section 269T, at that time, only covered deposits and did not include repayment of loans. By an amendment introduced with effect from 1st June, 2002, repayment of loans was covered under Section 269T. 4. Commissioner of Income Tax (Appeals) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed at appropriate time. The rate of interest was stipulated in the scheme. This is an undisputed position. 6. The Commissioner of Income Tax (Appeals) has referred to the definition of term 'deposit' in Section 2(b) of the Companies (Acceptance of Deposits) Rules, 1975, which is as under:- "2(b) "deposit" means any deposit of money with, and includes any amount borrowed by, a company, but does ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Commissioner of Income Tax (Appeals) and the tribunal that debentures or bonds were not covered by the term "deposit" and was a loan. 9. Section 269T of the Act has been interpreted by this Court in the case of Baidya Nath Plastic Industries (P.) Ltd. v. K.L. Anand, ITO [1998] 230 ITR 522/[2000] 113 Taxman 412 and it was held that the said provision before its amendment with effect from 1st Jun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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