Ita/1230/2009 Of The Commissioner Of Income Tax,Cochin v. M/S.bharathakshemam, Trichur
High Court
14 Aug 2009 In favour of: Assessee
Forum / Bench
High Court · highcourtofkerala
Parties
Ita/1230/2009 Of The Commissioner Of Income Tax,Cochin v. M/S.bharathakshemam, Trichur
Date of order
14 Aug 2009
Assessment year(s)
—
Outcome
Dismissed
The order — as passed by the High Court
Case summary
In Ita/1230/2009 Of The Commissioner Of Income Tax,Cochin v. M/S.bharathakshemam, Trichur, the High Court (2009) dismissed the appeal. The decision went in favour of the assessee.
Decision: Since investment in Post Office under the Indira VikasPathra scheme is not a loan or advance, interest receivedthereon does not attract liability under the Interest Tax Act.Consequently we uphold the order of the Tribunal and dismissthe departmental appeal.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
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
FRIDAY, THE 14TH AUGUST 2009 / 23RD SRAVANA 1931
ITA.No. 1230 of 2009()
----------------------
ITA.71/COCH/1994 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/RESPONDENT:
-------------------------------
M/S.BHARATHAKSHEMAM,ROUND SOUTH,
TRICHUR.
THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION
ON 14/08/2009, THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
C.N.RAMACHANDRAN NAIR & C.K.ABDUL REHIM, JJ.
----------------------------------
I.T.A. No.1230 of 2009
----------------------------------
Dated this the 14[th] day of August, 2009
J U D G M E N T----------------------
Ramachandran Nair,J.
Since investment in Post Office under the Indira VikasPathra scheme is not a loan or advance, interest receivedthereon does not attract liability under the Interest Tax Act.Consequently we uphold the order of the Tribunal and dismissthe departmental appeal.
C.N.RAMACHANDRAN NAIR, JUDGE.
C.K.ABDUL REHIM, JUDGE.
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