2007 (2) TMI 155

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..... - - Dated:- 27-2-2007 - P.D.DINAKARAN and MRS. CHITRA VENKATARAMAN JUDGMENT The judgment of the court was delivered by P.D. DINAKARAN J.- The above tax case appeals are directed against the order of the Income-tax Appellate Tribunal in ITA Nos.70 to 74/Mds/2002 28.2.2006, raising the following common substantial question of law. "Whether in the facts and circumstances of the c .....

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..... iable to tax under Interest Tax Act, it is useful to refer the decision in C.I.T. v. State Bank of Travancore [1997] 228 ITR 40) wherein the Kerala High Court held that the character of an overdue bill is wholly distinct from loans and advances and the interest on the loans and advances alone is taxable under the Interest Tax Act and the character of an overdue bill is not synonymous with loa .....

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