Of Income-Tax v. C.n.ramachandran Nairjudge

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 27TH JULY 2009 / 5TH SRAVANA 1931 ITA.No. 665 of 2009() --------------------- ITA.46/COCH/2004 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPELLANT/RESPONDENT ---------------------------------------- THE COMMISSIONER OF INCOME TAX, COCHIN. BY ADV. SRI.JOSE JOSEPH, SC, FOR INCOME TAX RESPONDENT(S): APPELLANT ------------------------ M/S.PADMA PRIYA FINANCE(P) LTD., 39/3693, RAVIPURAM ROAD, COCHIN-682 016. THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION ON 27/07/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.N.RAMACHANDRAN NAIR &C.K.ABDUL REHIM, JJ. ....................................................................I.T. Appeal No.665 of 2009 ....................................................................Dated this the 27th day of July, 2009. JUDGMENT Ramachandran Nair, J. Since the issue raised i.e. liability for tax under the Interest TaxAct on the hire charges and finance charges received is covered infavour of the Revenue vide decision of this court in COMMISSIONER OF INCOME-TAX V. KERALA STATE FINANCIALENTERPRISES LTD. (220 CTR 286), following the said judgment weallow the appeal by reversing the order of the Tribunal and that of thefirst appellate authority and remand the matter to the Assessing Officerfor recomputation of liability in the light of the judgmentabovereferred, after issuing notice to the assessee and after serving acopy of this judgment on the assessee. C.N.RAMACHANDRAN NAIRJudge C.K.ABDUL REHIM Judge