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TMI Blog2016 (8) TMI 113X X X X Extracts X X X X X X X X Extracts X X X X ..... ONOURABLE MR.JUSTICE KS JHAVERI) 1. This Tax Appeal u/s.260A of the Income-tax Act, 1961 is filed against the order dated 30.11.2005 passed by the Income Tax Appellate Tribunal, Ahmedabad in ITA No.19/Ahd/2005 raising the following substantial questions of law for our consideration: "[A] Whether the Appellate Tribunal is right in law and on facts in holding that the income from interest on inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tice was issued to the assessee. Ultimately, the assessment order came to be passed on 22.09.2004 whereby, interest chargeable to tax came to be assessed. The appeal filed before the CIT(A) was rejected, vide order dated 06.02.2004. The Tribunal partly allowed the appeal vide order dated 30.11.2005. Hence, this appeal at the instance of Revenue. 3. Identical issues have already been decided by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e and thereby directing the Assessing Officer to exclude the interest on inter corporate deposit from the assessment of the assessee? [C] Whether the Appellate Tribunal is right in law and on facts in canceling the penalty levied u/s.13 of the Interest Act ? 2. Briefly stated, the facts are that the assessee Company had not filed interest tax return declaring chargeable interest under the Inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... these appeals. 3.We have heard learned counsel for the respective parties and perused the documents on record. The question nos.(1) & (2) raised in these appeals are already settled by a judgment of the Delhi High Court rendered in the case of Commissioner of Income-tax v. Visisth Chay Vyapar Ltd., [2011] 339 ITR 157 (Delhi) ([2012] 20 taxmann.com 377 (Delhi)] wherein, it has been held that the e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , question no.(3) is also answered in favour of the assessee since it is consequential in nature. 5.In view of the aforesaid, all the appeals stand dismissed. No order as to costs." 4. In view of the aforesaid, the issues raised in this Tax Appeal will be governed by the judgment of this Court rendered in Tax Appeal No.1214/2007 & allied matters dated 27.06.2016. The questions are answered accor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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