Ita/1017/2009 Of The Commissioner Oof Iincome Tax v. M/S.vyaparavijayam Hire Purchase Pvt.ltd
High Court
10 Aug 2009 In favour of: Assessee
Forum / Bench
High Court · highcourtofkerala
Parties
Ita/1017/2009 Of The Commissioner Oof Iincome Tax v. M/S.vyaparavijayam Hire Purchase Pvt.ltd
Date of order
10 Aug 2009
Assessment year(s)
—
Outcome
Dismissed
Case summary
In Ita/1017/2009 Of The Commissioner Oof Iincome Tax v. M/S.vyaparavijayam Hire Purchase Pvt.ltd, the High Court (2009) dismissed the appeal. The decision went in favour of the assessee.
Issue: The issued raised in the appeal is whether the interest received onKissan Vikas Patras and Indira Vikas Patras is liable to tax under theInterest Tax Act.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
The order — as passed by the High Court
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT :
THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR
&
THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM
MONDAY, THE 10TH AUGUST 2009 / 19TH SRAVANA 1931
ITA.No. 1017 of 2009()
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ITA.10/COCH/2004 of I.T.A.TRIBUNAL,COCHIN BENCH
....................
APPELLANT:
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THE COMMISSIONER OF INCOME TAX, TRICHUR.
BY ADV. SRI.P.K.R.MENON,SR.COUNSEL, GOI(TAXES)
SRI.JOSE JOSEPH, SC, FOR INCOME TAX
RESPONDENT(S):
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M/S. VYAPARAVIJAYAM HIRE PURCHASE PVT. LTD., TRICHUR.
THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION
ON 10/08/2009, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
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I.T.A. No. 1017 OF 2009
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Dated this the 10th day of August, 2009
JUDGMENT
Ramachandran Nair,J.
The issued raised in the appeal is whether the interest received onKissan Vikas Patras and Indira Vikas Patras is liable to tax under theInterest Tax Act. We have already taken the view that these deposits inthe Post Office are only investments and not in the nature of loan oradvance attracting liability under the Interest Tax Act. Consequentlywe dismiss the departmental appeal.
(C.N.RAMACHANDRAN NAIR)Judge.
(C. K. ABDUL REHIM)
Judge.
kk
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