Ita/58/2007 Of The Commissioner Of Income Tax v. M/S. Padinjarethala Financiers (P) Ltd

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE P.S.GOPINATHAN MONDAY, THE 8TH FEBRUARY 2010 / 19TH MAGHA 1931 ITA.No. 58 of 2007() -------------------- TA.28/COCH/2005 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPELLANT/APPELLANT. ---------------------------------------- THE COMMISSIONER OF INCOME TAX, TRICHUR. BY ADV. SRI.P.K.R.MENON,SR.COUNSEL,GOI(TAXES) SRI. JOSE JOSEPH SC FOR IT RESPONDENT(S): RESPONDENT. -------------------------- M/S. PADINJARETHALA FINANCIERS (P) LTD., PUTHENPEEDIKA, TRICHUR. THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 08/02/2010 THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: -------------------------------------------- -------------------------------------------- Dated this the 8th day of February, 2010 JUDGMENT Ramachandran Nair, J. Counsel engaged for respondent-assessee is no more. We do notpropose to issue notice to the assessee afresh because the issued raisedin the departmental appeal stands decided against the appellant-department in several cases. Since interest tax is payable on interestreceived on loans and advances, the Tribunal rightly held that interestreceived on deposits in post offices under the Indira Vikas Patras,Kissan Vikas Patras scheme does not attract liability under the InterestTax Act. The position is the same in respect of interest paid ondefaulted kuri subscription. Consequently we dismiss the departmentalappeal. (C.N.RAMACHANDRAN NAIR)Judge. (P.S. GOPINATHAN) Judge.