THE SREEKRISHNAPURAM SERVICE CO-OPERATIVE BANK LTD. vs. THE ADDITIONAL/JOINT/DEPUTY/ASST. COMMISSIONER OF INCOME TAX/INCOME TAX OFFICER

WP(C)/4760/2023HC KeralaKLHC01011441202314 February 2023Author: HONOURABLE MR. JUSTICE T.R.RAVI4 pages
AI SummaryRemanded

What were the facts?

The petitioner, Sreekrishnapuram Service Co-operative Bank Ltd., a Primary Agricultural Credit Co-operative Society, filed a writ petition challenging an assessment order (Ext.P1). This order rejected its claim for deduction under Section 80P of the Income Tax Act. The rejection was based on the ground that the petitioner did not provide evidence to satisfy the ingredients of a Primary Agricultural Credit Society as defined under the Kerala Co-operative Societies Act. The petitioner relied on the Supreme Court judgment in Mavilayi Service Co-operative Bank Ltd. v. Commissioner of Income Tax. An appeal (Ext.P2) against the assessment order was already pending before the appellate authority.

What did the High Court hold?

The High Court of Kerala disposed of the writ petition by directing the Appellate Authority to consider the pending appeal (Ext.P2) and pass orders at the earliest. The Court also directed that no coercive steps would be taken against the petitioner pursuant to the assessment order (Ext.P1) until the disposal of the appeal. The primary issue regarding the validity of the Section 80P deduction was not decided on merits by the High Court in this writ petition, as the petitioner had already availed the statutory remedy of appeal. The reasoning for the direction was to allow the statutory appellate process to conclude.

What were the issues?

1. Whether the assessment order rejecting the claim for deduction under Section 80P of the Income Tax Act is valid, considering the petitioner's status as a Primary Agricultural Credit Co-operative Society and the reliance on the Supreme Court judgment in Mavilayi Service Co-operative Bank Ltd. v. Commissioner of Income Tax. Assessee's Contentions: The petitioner argued that the assessment order was erroneous as it failed to recognize its status as a Primary Agricultural Credit Co-operative Society and wrongly rejected the deduction claim under Section 80P. They relied on the Supreme Court's decision in Mavilayi Service Co-operative Bank Ltd. v. Commissioner of Income Tax to support their claim. Revenue's Contentions: The judgment does not record any specific contentions made by the revenue in this writ petition.

Which sections of the Income-tax Act were involved?

Section 80P

AI-generated summary — verify with the full judgment below

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE T.R.RAVI TUE AY, THE 14TH DAY OF FEBRUARY 2023 / 25TH MAGHA, 1944 WP(C) NO. 4760 OF 2023 PETITIONER: THE SREEKRISHNAPURAM SERVICE CO-OPERATIVE BANK LTD. F 1213, SREEKRISHNAPURAM P.O., PALAKKAD - 679513, REPRESENTED BY ITS SECRETARY, ULLASKUMAR.C. BY ADVS. HARISANKAR V. MENON MEERA V.MENON R.SREEJITH K.KRISHNA RESPONDENTS: 1 THE ADDITIONAL/JOINT/DEPUTY/ASST. COMMISSIONER OF INCOME TAX/INCOME TAX OFFICER NATIONAL E-ASSESSMENT CENTRE, DELHI – 110001. 2 NATIONAL FACELESS APPEAL CENTRE, DELHI - 110001, REPRESENTED BY THE COMMISSIONER OF INCOME TAX (APPEALS). SRI. JOSE JOSEPH, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14.02.2023, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

WP(C) NO. 4760 OF 2023 2 T.R. RAVI, J. -------------------------------------------- W.P.(C) No.4760 of 2023 -------------------------------------------- Dated this the 14th day of February, 2023 JUDGMENT The petitioner is a Primary Agricultural Credit Co-operative Society registered under the Kerala Co-operative Societies Act, 1969. The petitioner has been assessed for tax as per Ext.P1 order rejecting the cla

The order continues below.

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