State Bank Of Patiala v. Commissioner Of Incometax[(2016) 383 Itr 244 (Sc)] Which Is Extracted Herein

IN THE HIGH COURT OF KERALA AT ERNAKULAMPRESENT THE HONOURABLE MR.JUSTICE K.VINOD CHANDRAN & THE HONOURABLE MR. JUSTICE ASHOK MENON MONDAY ,THE 12TH DAY OF NOVEMBER 2018 / 21ST KARTHIKA, 1940 ITA.No. 731 of 2009 AGAINST THE ORDER/JUDGMENT IN TA 12/2000 ofI.T.A.TRIBUNAL,COCHIN BENCH DATED 03-02-2006 APPELLANT/S: THE COMMISSIONER OF INCOME TAXTHIRUVANANTHAPURAM. BY ADVS.SRI.P.K.R.MENON,SENIOR COUNSEL, GOI(TAXES)SRI.JOSE JOSEPH SC FOR INCOME TAX RESPONDENT/S: STATE BANK OF TRAVANCORETHIRUVANANTHAPURAM. BY ADVS.SRI.P.J.ANILKUMARSMT G.MINI(1748)SRI.A.KUMARSRI.P.S.SREE PRASAD OTHER PRESENT: SRI JOSE JOSEPH SC THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 12.11.2018, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ITA No.731/2009 JUDGMENT The issue raised in the appeal is as towhether interest payable on default amounts due underdiscounted bills of exchange would be chargeable underInterest Act, 1974 or not. 2. The Hon'ble Supreme Court is held so in -State Bank of Patiala v. Commissioner of IncomeTax[(2016) 383 ITR 244 (SC)] which is extracted herein: "The Interest Act, unlike the Income-Tax Act,1961 focuses only on a very narrow taxable eventwhich does not include within its ken interestpayable on default in payment of amounts dueunder a discounted bill of exchange" 3. The issue raised herein are with respect to interest on refinance and interest on overdue bills.Both of which would stand covered under the aforesaiddeclaration as extracted above. ITA No.731/2009 The appeal would stand rejected answering thequestions raised in favour of the assessee and againstthe revenue. There is no order as to costs. Sd/- K.VINOD CHANDRANJUDGE Sd/-ASHOK MENONJUDGE ITA No.731/2009 APPENDIX PETITIONER'S/S EXHIBITS: ANNEXURE ATRUE COPY OF THE ORDER OF THE ASSESSINGOFFICER DATED 22.11.1999ANNEXURE BTRUE COPY OF THE ORDER OF THE COMMISSIONER OF INCOME-TAX (APPEALS) DATED 09.03.2000 ANNEXURE C CERTIFIED COPY OF THE ORDER OF THE APPELLATE TRIBUNAL DATED 03.02.2006