Ita/386/2009 Of The Commissioner Of Income Tax, Cochin v. P.n.job
High Court
07 Sep 2009 In favour of: Assessee
Forum / Bench
High Court · highcourtofkerala
Parties
Ita/386/2009 Of The Commissioner Of Income Tax, Cochin v. P.n.job
Date of order
07 Sep 2009
Assessment year(s)
—
Outcome
Dismissed
The order — as passed by the High Court
Case summary
In Ita/386/2009 Of The Commissioner Of Income Tax, Cochin v. P.n.job, the High Court (2009) dismissed the appeal. The decision went in favour of the assessee.
Decision: Consequently weare of the view that the C.I.T.(Appeals) and the Tribunal rightly upheldassessee's claim for deduction of interest paid on borrowed capital.Departmental appeal is therefore dismissed.
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 V.K.MOHANAN
MONDAY, THE 7TH SEPTEMBER 2009 / 16TH BHADRA 1931
ITA.No. 386 of 2009()
---------------------
ITA.51/COCH/1998 of I.T.A.TRIBUNAL,COCHIN BENCH
....................
APPELLANT/APPELLANT.
----------------------------------------
THE COMMISSIONER OF INCOME TAX, COCHIN.S
BY ADV. SRI.P.K.R.MENON,SR.COUNSEL, GOI(TAXES)
SRI.JOSE JOSEPH, SC, FOR INCOME TAX
RESPONDENT(S): RESPONDENT.
--------------------------
SRI.P.N.JOB,
SUNITHA DIESEL SALES & SERVICES,
XXIX/1288A, VYTTILA JUNCTION, COCHIN - 19.
THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION
ON 07/09/2009,THE COURT ON THE SAME DAY DELIVERED THE
FOLLOWING:
C.N.RAMACHANDRAN NAIR &V.K.MOHANAN, JJ.
....................................................................
I.T. Appeal No.386 of 2009
....................................................................Dated this the 7th day of September, 2009.
JUDGMENT
Ramachandran Nair, J.
Question raised pertains to disallowance of interest claimedagainst rental income. We notice from the orders of the lowerauthorities that assessee produced certificate from the Bank to showthat building was constructed with borrowed funds. Consequently weare of the view that the C.I.T.(Appeals) and the Tribunal rightly upheldassessee's claim for deduction of interest paid on borrowed capital.Departmental appeal is therefore dismissed.
C.N.RAMACHANDRAN NAIRJudge
pms
V.K.MOHANANJudge
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