Ita/404/2009 Of The Commissioner Of Income Tax,Trichur v. M/S Maveli Kuries & Loans(P)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 THURSDAY, THE 9TH JULY 2009 / 18TH ASHADHA 1931 ITA.No. 404 of 2009() --------------------- ITA.24/2005 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPELLANT: ------------------------------ THE COMMISSIONER OF INCOME TAX, TRICHUR. BY ADV. SRI.JOSE JOSEPH, SC, FOR INCOME TAX RESPONDENT(S): RESPONDENT: -------------------------- M/S.MAVELI KURIES & LOANS (P) LTD., CHURCH CIRCLE, TRICHUR. THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION ON 09/07/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.N.RAMACHANDRAN NAIR &C.K.ABDUL REHIM, JJ. ....................................................................I.T. Appeal No.404 of 2009 ....................................................................Dated this the 9th day of July, 2009. JUDGMENT Ramachandran Nair, J. Questions raised pertain to department's claim for assessment ofinterest earned on Kissan Vikas Pathra and Indira Vikas Pathra. TheInterest Tax Act provides for levy of interest tax on loans and advances.The investments made in the Post Office under the above schemes cannot betreated as loan or advance given by the assessee to the Governmentauthority. We are, therefore, of the view that the Tribunal rightly rejectedthe department's appeal. Consequently we dismiss the appeal. C.N.RAMACHANDRAN NAIRJudge pms C.K.ABDUL REHIM Judge