{"id":258233,"date":"2009-08-21T00:00:00","date_gmt":"2009-08-20T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/the-commissioner-of-income-tax-vs-kerala-financial-corporation-on-21-august-2009"},"modified":"2015-05-07T06:29:37","modified_gmt":"2015-05-07T00:59:37","slug":"the-commissioner-of-income-tax-vs-kerala-financial-corporation-on-21-august-2009","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/the-commissioner-of-income-tax-vs-kerala-financial-corporation-on-21-august-2009","title":{"rendered":"The Commissioner Of Income Tax vs Kerala Financial Corporation on 21 August, 2009"},"content":{"rendered":"<div class=\"docsource_main\">Kerala High Court<\/div>\n<div class=\"doc_title\">The Commissioner Of Income Tax vs Kerala Financial Corporation on 21 August, 2009<\/div>\n<pre id=\"pre_1\">       \n\n  \n\n  \n\n \n \n  IN THE HIGH COURT OF KERALA AT ERNAKULAM\n\nITA.No. 1488 of 2009()\n\n\n1. THE COMMISSIONER OF INCOME TAX,\n                      ...  Petitioner\n\n                        Vs\n\n\n\n1. KERALA FINANCIAL CORPORATION\n                       ...       Respondent\n\n                For Petitioner  :SRI.P.K.R.MENON,SR.COUNSEL, GOI(TAXES)\n\n                For Respondent  : No Appearance\n\nThe Hon'ble MR. Justice C.N.RAMACHANDRAN NAIR\nThe Hon'ble MR. Justice C.K.ABDUL REHIM\n\n Dated :21\/08\/2009\n\n O R D E R\n                  C .N. RAMACHANDRAN NAIR &amp;\n                       C. K. ABDUL REHIM, JJ.\n                  --------------------------------------------\n                    I.T.A. No.1488 &amp;1495 OF 2009\n                  --------------------------------------------\n                Dated this the 21st day of August, 2009\n\n                               JUDGMENT\n<\/pre>\n<p id=\"p_1\">Ramachandran Nair, J.\n<\/p>\n<p id=\"p_1\">\n<p id=\"p_2\">      The question raised is whether interest on Bank deposits attracts<\/p>\n<p>interest tax under the <a href=\"\/doc\/6749\/\" id=\"a_1\">Interest Tax Act<\/a>. Since the Bank deposits are not<\/p>\n<p>loan or advance made by the respondent, the Tribunal rightly rejected<\/p>\n<p>the department&#8217;s claim to tax interest on the interest income from such<\/p>\n<p>deposits under the <a href=\"\/doc\/6749\/\" id=\"a_1\">Interest Tax Act<\/a>.           We therefore dismiss these<\/p>\n<p>appeals.\n<\/p>\n<p id=\"p_3\">\n<p id=\"p_4\">                                         (C.N.RAMACHANDRAN NAIR)<br \/>\n                                                            Judge.\n<\/p>\n<p id=\"p_5\">\n<p>                                                (C. K. ABDUL REHIM)<br \/>\n                                                            Judge.\n<\/p>\n<p id=\"p_6\">kk<\/p>\n<p><span class=\"hidden_text\" id=\"span_1\">2<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kerala High Court The Commissioner Of Income Tax vs Kerala Financial Corporation on 21 August, 2009 IN THE HIGH COURT OF KERALA AT ERNAKULAM ITA.No. 1488 of 2009() 1. THE COMMISSIONER OF INCOME TAX, &#8230; Petitioner Vs 1. KERALA FINANCIAL CORPORATION &#8230; Respondent For Petitioner :SRI.P.K.R.MENON,SR.COUNSEL, GOI(TAXES) For Respondent : No Appearance The Hon&#8217;ble MR. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,21],"tags":[],"class_list":["post-258233","post","type-post","status-publish","format-standard","hentry","category-high-court","category-kerala-high-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Commissioner Of Income Tax vs Kerala Financial Corporation on 21 August, 2009 - Free Judgements of Supreme Court &amp; High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/the-commissioner-of-income-tax-vs-kerala-financial-corporation-on-21-august-2009\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Commissioner Of Income Tax vs Kerala Financial Corporation on 21 August, 2009 - Free Judgements of Supreme Court &amp; 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