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K.C.SINGHAL, KESHAW PRASAD
Oriental Insurance Co. Ltd. – Appellant
Versus
Deputy Commissioner of Income-tax – Respondent
Per Singhal, J.M. - Since common issue is involved in these appeals, the same are being disposed of by the common order for the sake of convenience. The short issue involved in these appeals is whether the interest received by the assessee in respect of various investments and deposits made by it is chargeable to tax under the provisions of Interest-tax Act, 1974 (in short Act).
2. Briefly stated, the facts are that the assessee, which is a subsidiary of General Insurance Corporation of India, is engaged in the business of general insurance. It is governed by the provisions of the Insurance Act, 1938. The assessee is required to invest its funds only in the approved investments specified in section 27B of this Act. During the years under consideration, the assessee received interest chargeable on various investments and deposits and filed its return of interest chargeable to tax under the Act declaring interest chargeable to tax at Rs. 16,42,34,600, Rs. 19,99,50,713 and Rs. 22,90,13,766 for assessment years 1993-94, 1995-96 and 1996-97 respectively. However, the assessee had not declared interest received on the following investments and deposits :
Interest on :
1.Deposits, bonds
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