IN THE HIGH COURT OF KERALA AT ERNAKULAM ITA.No. 162 of 2009() 1. THE COMMISSIONER OF INCOME TAX, ... Petitioner Vs 1. VYAPARAVIJAYAM HIRE PURCHASE PVT LTD., ... Respondent For Petitioner :SRI.JOSE JOSEPH, SC, FOR INCOME TAX For Respondent :SRI.K.SRIKUMAR The Hon'ble MR. Justice C.N.RAMACHANDRAN NAIR The Hon'ble MR. Justice P.S.GOPINATHAN Dated :04/02/2010 O R D E R C.N.RAMACHANDRAN NAIR & P.S.GOPINATHAN, JJ. .................................................................... I.T. Appeal No.162 of 2009 .................................................................... Dated this the 3rd day of February, 2010. JUDGMENT
Ramachandran Nair, J.
Heard Standing Counsel for the appellant and
Adv.Sri.K.Srikumar appearing for the respondent. The issue raised i.e.
liability for interest tax on finance charges collected by hire purchase
company is covered by our judgment in COMMISSIONER OF
INCOME-TAX VS. KERALA STATE FINANCIAL ENTERPRISES
LTD. reported in 220 CTR 286. Even though counsel for the
respondent cited decision of the Madras High Court in
COMMISSIONER OF INCOME-TAX VS. HARITA FINANCE LTD.
reported in (2006) 283 ITR 370, we have distinguished that judgment
in our judgment abovereferred. Therefore, following the judgment
abovereferred we allow the Revenue’s appeal by reversing the order of
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the Tribunal and that of the first appellate authority and restore the
matter to the Assessing Officer for modification of assessment to the
extent required in terms of the judgment abovereferred.
C.N.RAMACHANDRAN NAIR
Judge
P.S.GOPINATHAN
Judge
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