Ita/1488/2009 Of The Commissioner Of Income Tax v. Kerala Financial Corporation
High Court
21 Aug 2009 In favour of: Unclear
Forum / Bench
High Court · highcourtofkerala
Parties
Ita/1488/2009 Of The Commissioner Of Income Tax v. Kerala Financial Corporation
Date of order
21 Aug 2009
Assessment year(s)
—
Outcome
Other
The order — as passed by the High Court
Case summary
In Ita/1488/2009 Of The Commissioner Of Income Tax v. Kerala Financial Corporation, the High Court (2009) decided the matter.
Issue: The question raised is whether interest on Bank deposits attractsinterest tax under the Interest Tax Act.
Decision: We therefore dismiss theseappeals.
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 21ST AUGUST 2009 / 30TH SRAVANA 1931
ITA.No. 1488 of 2009()
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ITA.01/COCH/2005 of I.T.A.TRIBUNAL,COCHIN BENCH
....................
APPELLANT
-----------------------------
THE COMMISSIONER OF INCOME TAX,
THIRUVANANTHAPURAM.
BY ADV. SRI.P.K.R.MENON,SR.COUNSEL, GOI(TAXES)
SRI.JOSE JOSEPH, SC, FOR INCOME TAX
RESPONDENT(S):
---------------
KERALA FINANCIAL CORPORATION
THIRUVANANTHAPURAM.
THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION
ON 21/08/2009, ALONG WITH ITA NO. 1495 OF 2009 THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
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I.T.A. No.1488 &1495 OF 2009
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Dated this the 21st day of August, 2009
JUDGMENT
Ramachandran Nair, J.
The question raised is whether interest on Bank deposits attractsinterest tax under the Interest Tax Act. Since the Bank deposits are notloan or advance made by the respondent, the Tribunal rightly rejectedthe department's claim to tax interest on the interest income from suchdeposits under the Interest Tax Act. We therefore dismiss theseappeals.
(C.N.RAMACHANDRAN NAIR)Judge.
(C. K. ABDUL REHIM)
Judge.
kk
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