THE PRINCIPAL COMMISSIONER OF INCOME TAX vs. M/S. THE KANNUR TOWN SERVICE CO-OPERATIVE BANK LTD

ITA/167/2016HC KeralaKLHC01026966201621 December 2016Author: HONOURABLE MR. JUSTICE DEVAN RAMACHANDRAN,HONOURABLE MR.JUSTICE THOTTATHIL B.RADHAKRISHNAN3 pages
AI SummaryDismissed

What were the facts?

This appeal by the Revenue, the Principal Commissioner of Income Tax, Kozhikode, challenges an order of the Income Tax Appellate Tribunal (ITAT), Cochin Bench, dated June 17, 2016. The assessment year in question is 2010-11. The assessee is M/s. The Kannur Town Service Co-operative Bank Ltd. The procedural history involves an assessment order dated November 19, 2012, an appellate order from the Commissioner of Income Tax (Appeals) dated August 30, 2013, and an earlier ITAT order dated July 31, 2014. A High Court order dated February 15, 2016, is also noted. The Revenue's appeal to the High Court is based on the ITAT's order.

What did the High Court hold?

The High Court held that the issues raised in the present appeal are covered by its previous judgment in Chirakkal Service Co-operative Bank Limited v. Commissioner of Income Tax, [(2016) 384 ITR 490 (Ker)]. Consequently, the appeal filed by the Revenue was dismissed on this ground. The Court noted the submission by the learned standing counsel for the Income Tax Department that a Special Leave Petition (SLP) against the cited judgment had been admitted. The ratio decidendi is that if the facts and legal issues are identical to a prior binding precedent of the same court, the appeal will be dismissed. No specific relief was granted or denied on the merits of the original dispute, as the dismissal was procedural based on precedent.

What were the issues?

1. Whether the issues raised in this appeal are covered by the judgment of this Court in Chirakkal Service Co-operative Bank Limited v. Commissioner of Income Tax, [(2016) 384 ITR 490 (Ker)] as against the Department. The Revenue contends that the issues are covered by the aforementioned judgment. The assessee's contentions are not recorded in the judgment. The specific provisions of the Income Tax Act under which the dispute arises are not explicitly detailed in the provided text, but the context suggests it relates to the taxability of income for a co-operative bank.

AI-generated summary — verify with the full judgment below

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT: THE HONOURABLE MR.JUSTICE THOTTATHIL B.RADHAKRISHNAN & THE HONOURABLE MR. JUSTICE DEVAN RAMACHANDRAN WEDNE AY, THE 21ST DAY OF DECEMBER 2016/30TH AGRAHAYANA, 1938 ITA.No. 167 of 2016 () ----------------------- AGAINST THE ORDER/JUDGMENT IN ITA 724/COCH/2013 of I.T.A.TRIBUNAL,COCHIN BENCH DATED 17-06-2016, FOR THE ASSESSMENT YEAR 2010-11 APPELLANT(S):/RESPONDENT/REVENUE ------------ THE PRINCIPAL COMMISSIONER OF INCOME TAX, KOZHIKODE.

BY ADVS.SRI.CHRISTOPHER ABRAHAM, INCOME TAX DEPARTMENT SRI.K.M.V.PANDALAI, INCOME TAX DEPARTMENT RESPONDENT(S):/APPELLANT/ASSESSEE -------------- M/S. THE KANNUR TOWN SERVICE CO-OPERATIVE BANK LTD., KANNUR, PIN - 670 002. THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION ON 21-12-2016, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

ITA167/16 APPENDIX APPELLANT'S ANNEXURES ANNEXURE-A : COPY OF ASSESSMENT ORDER DATED 19.11.2012. ANNEXURE-B : COPY OF APPELLATE ORDER DATED 30.08.2013 PASSED BY THE COMMISSIONER OF INCOME TAX (APPEALS) ANNEXURE-C : COPY OF ORDER DATED 31.07.2014 PASSED BY THE INCOME TAX APPELLATE TRIBUNAL. ANNEXURE-D : COPY OF ORDER DATED 15.02.2016

The order continues below.

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