Cit Vs. O.E.N. Connectors Ltd.

Cit vs O.E.N. Connectors Ltd.

Type Court Judgment Court Kerala Decided Jan 16, 2002

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Citation: sooperkanoon.com/732524
Court: Kerala High Court
Decided On: Jan 16, 2002
Case Number: IT Ref. No. 7 & 8 of 2002 16 January 2002
Subject: Direct Taxation

Case Summary

AI-generated summary - not the official court judgment text.

Counsels: P.K.R. Menon and George K. George, for the Revenue Antony Dominic, for the Assessee In the Kerala High Court V.P. Mohankumar & K.K. Denesan, JJ. -

Key legal issue: Direct Taxation

Parties & Advocates

Appellant / Petitioner

Cit

Advocate P.K.R. Menon and George K. George, <i>for the Revenue </i>Antony Dominic, <i>for the Assessee</i>

Respondent

O.E.N. Connectors Ltd.

Legal References

Reported In: [2002]123TAXMAN453(Ker)

Excerpt

counsels: p.k.r. menon and george k. george, for the revenue antony dominic, for the assessee in the kerala high court v.p. mohankumar & k.k. denesan, jj. - v.p. mohankumar, j.the question raised in these itrs is whether, on the facts and in the circumstances of the case, the tribunal is right in holding that the interest earned on short-term deposits of surplus funds is not revenue receipt and not taxable in view of the decision of the supreme court in tuticorin alkali chemicals & fertilizers ltd. v. cit : [1997]227itr172(sc) , the supreme court held that both deposit and interest are separately assessable and cannot be claimed by the assessee. the question is answered upholding the same. in view of the decision of the supreme court, the question is answered in favour of the revenue and against the assessee.2. these income-tax references are disposed of as above.

Full Judgment

V.P. Mohankumar, J.

The question raised in these ITRs is whether, on the facts and in the circumstances of the case, the Tribunal is right in holding that the interest earned on short-term deposits of surplus funds is not revenue receipt and not taxable In view of the decision of the Supreme Court in Tuticorin Alkali Chemicals & Fertilizers Ltd. v. CIT : [1997]227ITR172(SC) , the Supreme Court held that both deposit and interest are separately assessable and cannot be claimed by the assessee. The question is answered upholding the same. in view of the decision of the Supreme Court, the question is answered in favour of the revenue and against the assessee.

2. These income-tax references are disposed of as above.

Same Court & Year Kerala · 2002 Same Parties Cit vs O.E.N. Connectors Ltd. Same Subject Direct Taxation

Direct Taxation