interest chargeable under Interest Act irrespective of object of Company

Asman investments Ltd. Vs DCIT (Gujarat High Court) Interest as per Interest Act will be charged on company irrespective of its main object whether it is Finance or not In the given case the appellant assessee filed return of chargeable interest on 29.1.2002 declaring chargeable interest at ‘Nil’. In the statement attached to the return of chargeable interest, the assessee inter alia claimed that it is not chargeable to interest tax under the Interest Tax Act, 1974 as it is not a credit institution as defined in section 2(5A) read with section 2(5B) of the said Act; that the assess...