Ita/517/2009 Of The Commissioner Of Income Tax, Trichur v. M/S. Irinjalakuda Kuries & Financiers(P)
High Court
20 Jul 2009 In favour of: Assessee
Forum / Bench
High Court · highcourtofkerala
Parties
Ita/517/2009 Of The Commissioner Of Income Tax, Trichur v. M/S. Irinjalakuda Kuries & Financiers(P)
Date of order
20 Jul 2009
Assessment year(s)
—
Outcome
Dismissed
The order — as passed by the High Court
Case summary
In Ita/517/2009 Of The Commissioner Of Income Tax, Trichur v. M/S. Irinjalakuda Kuries & Financiers(P), the High Court (2009) dismissed the appeal. The decision went in favour of the assessee.
Decision: We, therefore,dismiss the appeal.
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
MONDAY, THE 20TH JULY 2009 / 29TH ASHADHA 1931
ITA.No. 517 of 2009()
---------------------
ITA.41/COCH/2005 of I.T.A.TRIBUNAL,COCHIN BENCH
....................
APPELLANT
-----------------------------
THE COMMISSIONER OF INCOME TAX TRICHUR.
BY ADV. SRI.P.K.R.MENON,SR.COUNSEL, GOI(TAXES)
SRI.JOSE JOSEPH, SC, FOR INCOME TAX
RESPONDENT(S):
---------------
M/S. IRINJALAKUDA KURIES AND FINANCIERS
PVT. LTD., IRINJALAKUDA.
THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION ON 20/07/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
ON 20/07/2009, THE COURT ON THE SAME DAY DELIVERED THE
C.N.RAMACHANDRAN NAIR &C.K.ABDUL REHIM, JJ.
....................................................................I.T. Appeal No.517 of 2009
....................................................................Dated this the 20th day of July, 2009.
JUDGMENT
Ramachandran Nair, J.
Since the deposits with the Post Office under Kisan Vikas Pathraand India Vikas Pathra schemes are not in the nature of loans oradvances, interest received therefrom is not assessable under theInterest Tax Act. Another issue raised i.e. liability under the InterestTax Act on interest received for default kuries stands decided againstRevenue by our decision in I.T.A. No.175/2008. We, therefore,dismiss the appeal.
C.N.RAMACHANDRAN NAIRJudge
C.K.ABDUL REHIM Judge
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