2015 (10) TMI 817

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..... yar 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) of the Income Tax Act is not leviable on the asse .....

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..... he 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 institution within the meaning of section 2(5A) of the Interest Tax .....

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..... 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 appeal are only consequential to the original order of assessment .....

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