https://www.taxtmi.com/caselaws?id=273909 The High Court of Kerala upheld the Tribunal's decision to cancel the assessment of interest income for a Government of Kerala company that converted loan amounts to equity based on Government orders. As there was no evidence of interest accruing to the assessee from the loanee companies, the Court found no basis for assessment. The Court dismissed all appeals filed by the department, emphasizing that without proof of interest accrual, assessment was not warranted. en-us Tue, 13 Jul 2010 00:00:00 +0530 Thu, 19 Jul 2018 17:32:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273909 The High Court of Kerala upheld the Tribunal's decision to cancel the assessment of interest income for a Government of Kerala company that converted loan amounts to equity based on Government orders. As there was no evidence of interest accruing to the assessee from the loanee companies, the Court found no basis for assessment. The Court dismissed all appeals filed by the department, emphasizing that without proof of interest accrual, assessment was not warranted. Case-Laws Income Tax Tue, 13 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273909