2010 (7) TMI 1168

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... main question raised pertains to the assessment of interest income at the hands of the respondent-assessee which was cancelled by the Tribunal. The respondent is a Government of Kerala company which gave certain advances to two other companies also under the control of the Kerala Government. Since loans were advanced under Government orders which is a promoter of the respondent-company and since n .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... he loans were later treated as advance made for investments in equity i.e. for purchase of shares and so long as department has no case that interest accrued to the assessee, there is no scope for assessment. In view of the finding of facts rendered by the Tribunal based on which they rejected the department's case, we see no reason to interfere with the Tribunal's order. In fact, the othe .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X