2010 (7) TMI 1147

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....Appearance JUDGMENT Ramachandran Nair, J. Heard Standing Counsel for the appellants. The 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 loa....

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....ssessment of interest income. We are in complete agreement with the finding of the Tribunal because the 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 ....