THE PAYYANNUR CO-OPERATIVE RURAL BANK LTD. vs. COMMISSIONER OF INCOME TAX

ITA/47/2016HC KeralaKLHC01026846201618 May 2016Author: HONOURABLE MR. JUSTICE DAMA SESHADRI NAIDU,HONOURABLE MR.JUSTICE ANTONY DOMINIC3 pages
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What were the facts?

The assessee, The Payyannur Co-operative Rural Bank Ltd., filed these appeals against the common order of the Income Tax Appellate Tribunal (ITAT), Cochin Bench, dated October 29, 2015. The appeals pertain to Assessment Years 2009-10 and 2011-12. The orders under challenge were passed by the ITAT. The procedural history involves assessment orders passed under Section 143(3) read with Section 147 of the Income Tax Act, 1961, followed by orders from the Commissioner of Income Tax (Appeals). No specific amounts in dispute are mentioned in the provided text.

What did the High Court hold?

The High Court of Kerala held that the question of law raised in these appeals has already been answered in favour of the assessee by its previous judgment in Chirakkal Service Co-operative Bank Ltd. v. Commissioner of Income Tax [2016 (2) KLT 535]. Consequently, the appeals filed by the assessee are disposed of by answering the question of law in favour of the assessee and against the revenue. The operative direction is to dispose of the appeals in terms of the precedent. No issue was expressly left undecided.

What were the issues?

1. Whether the Income Tax Appellate Tribunal erred in its decision regarding the issue concerning the assessee for Assessment Years 2009-10 and 2011-12. The Assessee's contention is that the question of law raised in these appeals has already been answered in its favour by a judgment of the High Court of Kerala in Chirakkal Service Co-operative Bank Ltd. v. Commissioner of Income Tax [2016 (2) KLT 535]. The Revenue's contentions are not explicitly recorded in the provided text. The judgment states that the question of law has already been answered in favour of the assessee by the aforementioned High Court judgment.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 147

AI-generated summary — verify with the full judgment below

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT: THE HONOURABLE MR.JUSTICE ANTONY DOMINIC & THE HONOURABLE MR. JUSTICE DAMA SESHADRI NAIDU WEDNE AY, THE 18TH DAY OF MAY 2016/28TH VAISAKHA, 1938 ITA.No. 47 of 2016 () ---------------------- AGAINST THE COMMON ORDER IN ITA 537/COCH/2014 of I.T.A.TRIBUNAL, COCHIN BENCH DATED 29-10-2015 APPELLANT(S)/APPELLANT/ASSESSEE: ----------------------------------------- THE PAYYANNUR CO-OPERATIVE RURAL BANK LTD.., PO PAYYANNUR,KANNUR-670307,REPRESENTED BY ITS SECRETARY KARUNAKARAN CHALIL.

BY ADVS.SRI.S.ARUN RAJ SMT.C.T.SUJA RESPONDENT(S)/RESPONDENT/REVENUE: -------------------------------------------- COMMISSIONER OF INCOME TAX, CALICUT-673001. SRI.CHRISTOPHER ABRAHAM, SC FOR IT DEPT R BY SRI.K.M.V.PANDALAI, INCOME TAX DEPARTMENT THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 18-05-2016, ALONG WITH ITA.48/16, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

APPENDIX IN ITA.47/16 APPELLANT'S EXHIBITS: ANNEXURE A:OF THE ASSESSMENT ORDER DATED 31.3.2013 PASSED UNDER SECTION 143(3) R.W. 147 OF THE ACT FOR THE AY 2009-10. ANNEXURE B:OF THE ORDER DATED 30.9.2

The order continues below.

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