https://www.taxtmi.com/caselaws?id=197134 The High Court of Kerala dismissed all three appeals filed by the department, upholding the Tribunal's decision to cancel the assessment of interest income at the hands of the respondent-assessee, a Government of Kerala company. The Court agreed that since there was no evidence of interest accruing to the assessee, the assessment was not justified. The case revolved around the conversion of a loan amount to equity shares as per Government orders, with the Court emphasizing that without proof of interest accrual, there was no basis for assessment. en-us Tue, 13 Jul 2010 00:00:00 +0530 Thu, 28 Dec 2017 12:32:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197134 The High Court of Kerala dismissed all three appeals filed by the department, upholding the Tribunal's decision to cancel the assessment of interest income at the hands of the respondent-assessee, a Government of Kerala company. The Court agreed that since there was no evidence of interest accruing to the assessee, the assessment was not justified. The case revolved around the conversion of a loan amount to equity shares as per Government orders, with the Court emphasizing that without proof of interest accrual, there was no basis for assessment. Case-Laws Income Tax Tue, 13 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197134