Ita/1175/2009 Of The Commissioner Of Income Tax,Trichur v. M/S.dharmaposhana Co., Irinjalakuda

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 THURSDAY, THE 13TH AUGUST 2009 / 22ND SRAVANA 1931 ITA.No. 1175 of 2009() ---------------------- ITA.13/COCH/2004 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPELLANT/APPELLANT --------------------------------------- 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): RESPONDENT ------------------------- M/S. DHARMAPOSHNA CO., IRINJALAKUDA. THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION ON 13/08/2009, ALONG WITH ITA NO. 1187 OF 2009 THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: -------------------------------------------- I.T.A. No. 1175 & 1187 OF 2009 -------------------------------------------- Dated this the 13th day of August, 2009 JUDGMENT Ramachandran Nair,J. The questions raised pertain to department's claim of tax oninterest received from Indira Vikas Patras, Kissan Vikas Patras andKuri default interest under the Interest Tax Act. None of these is in thenature of loan or advance. While Kissan Vikas Patras and Indira VikasPatras are investments in Post Offices, interest received on kuri defaultis only default interest received. Since interest received in respect ofall these heads are not interest from loan or advance, the Tribunalrightly held against the department. We therefore dismiss the appeal. (C.N.RAMACHANDRAN NAIR) Judge. (C. K. ABDUL REHIM) Judge. kk