Ita/893/2009 Of Commissioner Of Income Tax,Cochin v. M/S Federal Bank Ltd

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE V.K.MOHANAN TUESDAY, THE 29TH SEPTEMBER 2009 / 7TH ASWINA 1931 ITA.No. 893 of 2009() --------------------- ITA.35/2002 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPELLANT/APPELLANT. ---------------------------------------- THE COMMISSIONER OF INCOME TAX, COCHIN. BY ADV. SRI.P.K.R.MENON,SR.COUNSEL, GOI(TAXES) SRI.JOSE JOSEPH, SC, FOR INCOME TAX RESPONDENT(S): RESPONDENT. -------------------------- M/S. FEDERAL BANK LTD., ALUVA. THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION ALONG WITH ITA NOS.961 & 997 OF 2009 ON 29/09/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.N.RAMACHANDRAN NAIR &V.K.MOHANAN, JJ. .................................................................... I.T. Appeal Nos.893,961 & 997 of 2009 ....................................................................Dated this the 29th day of September, 2009. JUDGMENT Ramachandran Nair, J. First issue raised in these appeals pertain to department's claim totax interest on Government securities. Even though assessment wasmade stating that income in fact accrued, Tribunal has entered thefinding that the Government securities are not due for encashment andthe RBI has not credited interest in assessee's account. Therefore, inour view, the Tribunal's finding that income in fact had not accrued tothe assessee does not warrant any interference in appeal by us.Consequently appeals on this issue are rejected. The other issuepertaining to Section 80 M of the Income Tax Act stands decidedagainst the department vide decision of this court in I.T.A. No.209/2001 which is confirmed by the Supreme Court. Consequentlywe dismiss all the three appeals filed by the Revenue. C.N.RAMACHANDRAN NAIRJudge pms V.K.MOHANANJudge