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Ita/763/2009 Of The Commissioner Of Income Tax,Trichur v. M/S.irinjalakuda Kuries & Financiers(P)

High Court 30 Jul 2009 In favour of: Assessee

Forum / Bench

High Court · highcourtofkerala

Parties

Date of order

30 Jul 2009

Assessment year(s)

—

Outcome

Dismissed

Case summary

In Ita/763/2009 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.

Issue: The issue raised is whether the assessee is liable to pay interesttax under the Interest Tax Act on interest received from companydeposits and deposits under the Indira Vikas Pathra scheme.

Decision: Consequently we dismiss the 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 30TH JULY 2009 / 8TH SRAVANA 1931 ITA.No. 763 of 2009() --------------------- ITA.40/C0CH/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 & FINANCIERS PVT. LTD., IRINJALAKUDA. THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION ON 30/07/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.N.RAMACHANDRAN NAIR & C.K.ABDUL REHIM, JJ. ....................................................................I.T. Appeal No.763 of 2009 ....................................................................Dated this the 30th day of July, 2009. JUDGMENT Ramachandran Nair, J. The issue raised is whether the assessee is liable to pay interesttax under the Interest Tax Act on interest received from companydeposits and deposits under the Indira Vikas Pathra scheme. Sincethese are in the nature of investments and not loans or advances, thedepartment's claim is not tenable. Consequently we dismiss the appeal. C.N.RAMACHANDRAN NAIRJudge pms C.K.ABDUL REHIM Judge

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