Ita/1536/2009 Of Commissioner Of Income Tax, Trichur v. The Dhanalakshmi Bank Ltd., Trichur
High Court
27 Aug 2009 In favour of: Assessee
Forum / Bench
High Court · highcourtofkerala
Parties
Ita/1536/2009 Of Commissioner Of Income Tax, Trichur v. The Dhanalakshmi Bank Ltd., Trichur
Date of order
27 Aug 2009
Assessment year(s)
—
Outcome
Dismissed
Case summary
In Ita/1536/2009 Of Commissioner Of Income Tax, Trichur v. The Dhanalakshmi Bank Ltd., Trichur, the High Court (2009) dismissed the appeal. The decision went in favour of the assessee.
Decision: Since we have taken the view that interest on Governmentsecurities and other invesments by the Bank are not in the nature ofloan or advance attracting liability on the interest received under theprovisions of the Interest Tax Act, we dismiss the departmental appeal.
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
THURSDAY, THE 27TH AUGUST 2009 / 5TH BHADRA 1931
ITA.No. 1536 of 2009() ---------------------- TA.2/COCH/1999 of I.T.A.TRIBUNAL,COCHIN BENCH
---------------------- ....................
APPELLANT/RESPONDENT
----------------------------------------
THE COMMISSIONER OF INCOME TAX,TRICHUR.
BY ADV. SRI.JOSE JOSEPH, SC, FOR INCOME TAX
RESPONDENT(S): RESPONDENT
-------------------------
THE DHANALAKSHMI BANK LTD.,TRICHUR.
THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION ON 27/08/2009,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
ON 27/08/2009,THE COURT ON THE SAME DAY DELIVERED THE
C.N.RAMACHANDRAN NAIR &C.K.ABDUL REHIM, JJ.
....................................................................I.T. Appeal No.1536 of 2009
....................................................................Dated this the 27th day of August, 2009.
JUDGMENT
Ramachandran Nair, J.
Since we have taken the view that interest on Governmentsecurities and other invesments by the Bank are not in the nature ofloan or advance attracting liability on the interest received under theprovisions of the Interest Tax Act, we dismiss the departmental appeal.
C.N.RAMACHANDRAN NAIRJudge
pms
C.K.ABDUL REHIM Judge
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