Ita/1445/2009 Of The Commissioner Of Income Tax v. The Cotholic Syrian Bank Ltd

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 WEDNESDAY, THE 26TH AUGUST 2009 / 4TH BHADRA 1931 ITA.No. 1445 of 2009() ---------------------- ITA.5/1999 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPELLANT(S):RESPONDENT: --------------------------------- THE COMMISSIONER OF INCOME TAX, TRICHUR. BY ADV. SRI.JOSE JOSEPH, SC, FOR INCOME TAX RESPONDENT(S): APPELLANT: -------------------------------- THE CATHOLIC SYRIAN BANK LTD., TRICHUR. THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION ON 26/08/2009, ALONG WITH ITA.1457 OF 2009 THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.N.RAMACHANDRAN NAIR & C.K.ABDUL REHIM, JJ. ---------------------------------- I.T.A. No.1445 And 1457 of 2009 ---------------------------------- Dated this the 26[th] day of August, 2009 J U D G M E N T---------------------- Ramachandran Nair,J. The question raised in the departmental appealspertains to department's claim for assessment of interestreceived on securities, bonds, debentures, etc. under the InterestTax Act. The Tribunal found that none of these investments canbe termed as loan or advance warranting assessment for theincome under the Interest Tax Act. Since interest on loans oradvances only will attract liability under the Interest Tax Act weare of the view that the Tribunal rightly rejected thedepartment's claim. Consequently the appeals are dismissed. C.N.RAMACHANDRAN NAIR, JUDGE. C.K.ABDUL REHIM, JUDGE.