1. After hearing Mr. Ghaffar, learned advocate for the petitioner and perusing the application for condonation of delay, we are satisfied with the grounds stated in the petition. Accordingly, the delay is coridoned and the application under Section 5 of the Limitation Act being GA No. 3752 of 2007 is disposed of.
2. We now take up the application for admission of the appeal. We have perused the order passed by the learned Tribunal. The only question arose in this matter is, whether the AO was right in charging interest under Section 12A of the IT Act, 1961 (sic-Interest-tax Act, 1974) because the assessment was made after invoking the provision of Section 19 of the Act, and Sub-section (4) of Section 12A [sic-Section 12] of the Act does not provide for charging any interest in consequence of an assessment made in pursuance of an order under Section 19 of the Act and/or under Sections 263 and 264 of the Act [sic-Income-tax Act, 1961, inasmuch as no interest was charged in course of regular assessment made under the provisions of the Act.
3. The CIT(A) deleted the interest charged under Sections 12 and 12A of the Act on the assessee and from that order an appeal was preferred before the learned Tribunal. We have perused the order passed by the Tribunal. It appears that the AO accepted the fact that the principal business of the assessee does not fall under the category of Section 5(5a) [sic-2(5A)] of the Act. The CIT invoking Section 19 of the Act cancelled the assessment made by the AO and directed the AO to levy interest treating the assessee as financial institution. It was urged before the learned Tribunal as well as before us that the order determining the assessee as financial company within the frame of Section 2(5B)(iv) was justified and therefore, the tax levied was properly imposed. It appears that the learned Tribunal dealt with the matter extensively and thereafter came to the conclusion that the assessee does not fall under the definition of Section 2(5B)(iv) of the Act and therefore the assessee is not liable for interest-tax as levied by the Department. It is also expressed by the learned Tribunal that the assessee has no taxable interest under the Act and accordingly the interest charged under Section 12 was directed to be deleted.
4. We therefore, have found that the Tribunal has extensively dealt with the matter including the facts, materials and evidence before the Tribunal for adjudication. We do not find any reason to interfere with the order so passed by the learned Tribunal nor the order so passed by the learned Tribunal suffers from any legal infirmity nor we find that any substantial question of law is involved in this appeal. Hence, the appeal being IT Appeal No. 780 of 2007 is dismissed.