9911796707
TMI Blog2006 (1) TMI 112X X X X Extracts X X X X X X X X Extracts X X X X ..... that the interest on securities cannot be taken to be interest within the meaning of section 2(7) - - - - - Dated:- 6-1-2006 - Judge(s) : PRADEEP KANT., S. N. SHUKLA. JUDGMENT Heard the learned counsel for the appellant, Sri Pradeep Agarwal and Sri P. J. Pardiwalla, learned counsel for the respondent. This appeal under section 260A of the Income-tax Act, 1961 has been filed by the Reven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee-company. In this appeal a question has been raised as to whether interest on securities can be taken into consideration for the purpose of assessing chargeable interest. Sri Pradeep Agarwal tracing the history of the Interest-tax Act and in particular the definition given under section 2(7) of the Interest-tax Act prior to October 1, 1991, and by comparing the definition given thereafte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch of this court did not agree with the same submission raised by learned counsel for the Department, Sri Bharatji Agarwal, and held that the interest on securities cannot be taken to be interest within the meaning of section 2(7) of the Act and therefore no substantial question of law is involved. The Tribunal has relied upon the judgment of the Allahabad High Court. The same question arose bef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12 (Bom). The question involved in that case was as follows: "Whether, the Tribunal was justified in holding that loans and advances do not include interest on securities, bonds and debentures and, therefore, not liable to tax under the provisions of the Interest-tax Act when the interest on securities fall within the meaning of 'interest chargeable to tax' as defined under section 2(7) of the I ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
