THE UDMA SERVICE CO-OPERATIVE BANK LTD.NO.C319 vs. THE COMMISSIONER OF INCOME TAX (APPEALS)

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ITA/269/2015HC KeralaKLHC01025670201512 July 2021Author: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS4 pages
AI SummaryAllowed

What did the High Court hold?

The High Court of Kerala allowed the appeal filed by The Udma Service Co-operative Bank Ltd. No. C319. The Court's decision was based on the joint submission of both the appellant and the respondent revenue. They agreed that the view taken by the Income Tax Appellate Tribunal in the order dated 26.08.2015 (in ITA No. 248/Coch/2015) was unsustainable. The Court accepted the statement that the appeal could be allowed in terms of the judgment in The Mavilayi Service Co-operative Bank Ltd. v. The Commissioner of Income Tax, Calicut and another [2021 (1) KHC 303]. Consequently, the appeal was allowed in terms of the aforementioned reported judgment. No order as to costs was made. The specific issue decided by the Tribunal and the amount in dispute were not detailed in the judgment.

What were the facts?

The appellant, The Udma Service Co-operative Bank Ltd. No. C319, filed an appeal before the High Court of Kerala against an order dated 26.08.2015 passed by the Income Tax Appellate Tribunal, Cochin Bench, in ITA No. 248/Coch/2015. This appeal pertains to the finalization of the assessment for the assessment year 2009-2010. The appellant is a co-operative bank. Both the appellant and the respondent revenue agreed that the view taken by the Tribunal in the impugned order was unsustainable. They further submitted that the appeal could be allowed in terms of a specific reported judgment.

What were the issues?

1. Whether the order passed by the Income Tax Appellate Tribunal, Cochin Bench, in ITA No. 248/Coch/2015 for the assessment year 2009-2010 is sustainable in law? Assessee's contention: The assessee argued that the Tribunal's order is unsustainable. They relied on the judgment of The Mavilayi Service Co-operative Bank Ltd. v. The Commissioner of Income Tax, Calicut and another [2021 (1) KHC 303] and submitted that the present appeal should be allowed in terms of this reported judgment. Revenue's contention: The revenue agreed with the assessee that the view taken by the Tribunal in the order under appeal is unsustainable and that the appeal could be allowed in terms of the cited judgment. No other contentions were recorded.

Which sections of the Income-tax Act were involved?

Section 260A

AI-generated summary — verify with the full judgment below

Cause title — parties, addresses and appearances
IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR.JUSTICE S.V.BHATTI & THE HONOURABLE MR.JUSTICE BECHU KURIAN THOMAS MONDAY, THE 12TH DAY OF JULY 2021 / 21ST ASHADHA, 1943 ITA NO. 269 OF 2015 AGAINST THE ORDER/JUDGMENT IN ITA 248/2015 OF I.T.A.TRIBUNAL,COCHIN BENCH, ERNAKULAM APPELLANT/Appellant/Appellant/Assessee: THE UDMA SERVICE CO-OPERATIVE BANK LTD.NO.C319 REPRESENTED BY ITS SECRETARY, UDMA P.O, KASARAGOD -671 319 BY ADV. SRI.T.R.HARIKUMAR RESPONDENT/Respondent/Respondent/Revenue: THE COMMISSIONER OF INCOME TAX (APPEALS) AAYKAR BHAVAN, MANANCHIRA, KOZHIKODE - 673 001. OTHER PRESENT: SC CHRISTOPHER ABRAHAM THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION ON 12.07.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ITA No.269 of 2015 2

JUDGMENT S.V.Bhatti, J. Heard Adv.T.R.Harikumar and Adv.Christopher Abraham for parties.

2.

The appellant is a Co-operative bank and aggrieved by order dated 26.08.2015 in ITA No.248/Coch/2015 of Income Tax Appellate Tribunal, Cochin Bench, the present appeal under Section 260A of the Income Tax Act, 1961 (for short 'the Act') is filed.

3.

The subject appeal releates to a controversy in the finalisation of the assessment for the assessment year 2009-2010. The learned Advocates appearing for the parties submit that the view taken by the Tribunal in the order under appeal is unsustainable, in view of the judgment of The Mavilayi Service Co-operative Bank Ltd, v. The Commissioner of Income Tax, Calicut and another [2021 (1) KHC 303] and have further stated that the subject appeal could be allowed in terms of the said

ITA No.269 of 2015 3 reported judgment. The statement is placed on record and accepted. Appeal is allowed in terms of Mavilayi Service Co-operative Bank Ltd. v The Commissioner of Income Tax, Calicut (supra). No order as to costs. S.V.BHATTI JUDGE BECHU KURIAN THOMAS JUDGE css/

ITA No.269 of 2015 4

Appendix — schedule of exhibits
APPENDIX Appellant's Annexures: ANNEXURE-I TRUE COPY OF THE CERTIFICATE DATED 22.12.2008, ISSUED BY THE JOINT REGISTRAR OF CO-OPERATIVE SOCIETIES, KASARAGOD. ANNEXURE-II A TRUE COPY OF THE RELEVANT CLAUSES OF THE BYELAWS OF THE SOCIETY, AS AMENDED IN 2015 ALONG WITH REGISTRATION CERTIFICATE DATED 22.1.2015. ANNEXURE III TRUE COPY OF THE ASSESSMENT ORDER DATED 27.12.2011 IN PAN AAAAT3049B FOR THE FINANCIAL YEAR 2009-2010 ISSUED BY THE INCOME TAX OFFICER, WARD-2, KASARGOD. ANNEXURE IV A TRUE COPY OF THE ORDER IN APPEAL No.ITA- 254/KSD/CIT/CLT/2011-12 DATED 2.2.2015 OF THE COMMISSIONER OF INCOME TAX (APPEALS), KOZHIKODE. ANNEXURE V CERTIFIED COPY OF THE ORDER DATED 26.8.2015 IN ITA No.248/COCH/2015 OF THE INCOME TAX APPELLATE TRIBUNAL, COCHIN BENCH. ANNEXURE VI A TRUE COPY OF THE ORDER DATED 30.9.2014 IN I.A.No.2364/2014 in ITA No.188 OF 2014.

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