IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE P.S.GOPINATHAN MONDAY, THE 8TH FEBRUARY 2010 / 19TH MAGHA 1931 ITA.No. 58 of 2007() -------------------- TA.28/COCH/2005 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPELLANT/APPELLANT. ---------------------------------------- THE COMMISSIONER OF INCOME TAX, TRICHUR. BY ADV. SRI.P.K.R.MENON,SR.COUNSEL,GOI(TAXES) SRI. JOSE JOSEPH SC FOR IT RESPONDENT(S): RESPONDENT. -------------------------- M/S. PADINJARETHALA FINANCIERS (P) LTD., PUTHENPEEDIKA, TRICHUR. THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 08/02/2010 THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C .N. RAMACHANDRAN NAIR & P.S. GOPINATHAN, JJ. -------------------------------------------- I.T.A. No. 58 OF 2007 -------------------------------------------- Dated this the 8th day of February, 2010 JUDGMENT Ramachandran Nair, J. Counsel engaged for respondent-assessee is no more. We do not propose to issue notice to the assessee afresh because the issued raised in the departmental appeal stands decided against the appellant- department in several cases. Since interest tax is payable on interest received on loans and advances, the Tribunal rightly held that interest received on deposits in post offices under the Indira Vikas Patras, Kissan Vikas Patras scheme does not attract liability under the Interest Tax Act. The position is the same in respect of interest paid on defaulted kuri subscription. Consequently we dismiss the departmental appeal. (C.N.RAMACHANDRAN NAIR) Judge. (P.S. GOPINATHAN) Judge. kk 2