M/S.KODIYERI SERVICE CO-OPRATIVE BANK LTD vs. THE COMMISSIONER OF INCOME TAX

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ITA/32/2017HC KeralaKLHC01026108201725 August 2021Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE VIJU ABRAHAM4 pages
AI SummaryAllowed

What did the High Court hold?

The High Court of Kerala held that the appeal filed by the assessee, M/s. Kodiyeri Service Co-operative Bank Ltd., is to be allowed. This decision was based on the joint submission by both the assessee and the Revenue that the questions raised in the appeal were substantially covered by the Supreme Court's judgment in the case of Mavilayi Service Co-operative Bank Ltd. and others v. Commissioner of Income Tax and another. The Court explicitly stated that it was following the said Supreme Court judgment. Consequently, the Income Tax Appeal was allowed. No specific issues were decided on merits by the High Court, other than acknowledging the applicability of the Supreme Court precedent. The operative direction was to allow the appeal.

What were the facts?

The assessee, M/s. Kodiyeri Service Co-operative Bank Ltd., filed an appeal before the High Court of Kerala against an order dated 12.02.2015 passed by the Income Tax Appellate Tribunal (ITAT), Cochin Bench, in ITA No. 517/2014. The appeal pertains to the assessment year 2010-11. The Revenue is represented by the Commissioner of Income Tax. Both the assessee and the Revenue, through their respective counsel, informed the Court that the issues raised in the appeal are substantially covered by the judgment of the Supreme Court in the case of Mavilayi Service Co-operative Bank Ltd. and others v. Commissioner of Income Tax and another. Based on this consensus, the High Court proceeded to decide the appeal.

What were the issues?

1. Whether the appeal filed by the assessee is to be allowed, considering that the issues involved are substantially covered by the Supreme Court's judgment in Mavilayi Service Co-operative Bank Ltd. and others v. Commissioner of Income Tax and another. Assessee's Contention: The assessee, through its counsel, submitted that the questions raised in the appeal are substantially covered by the Supreme Court's judgment in Mavilayi Service Co-operative Bank Ltd. and others v. Commissioner of Income Tax and another, and therefore, the appeal should be allowed following the said judgment. Revenue's Contention: The Revenue, through its Standing Counsel, agreed with the assessee's submission that the issues are substantially covered by the aforementioned Supreme Court judgment and did not present any contrary arguments.

AI-generated summary — verify with the full judgment below

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR.JUSTICE S.V.BHATTI & THE HONOURABLE MR.JUSTICE VIJU ABRAHAM WEDNESDAY, THE 25TH DAY OF AUGUST 2021 / 3RD BHADRA, 1943 ITA NO. 32 OF 2017 AGAINST THE ORDER/JUDGMENT IN ITA 517/2014 OF I.T.A.TRIBUNAL,COCHIN BENCH, ERNAKULAM APPELLANT/APPELLANT/ASSESSEE: M/S.KODIYERI SERVICE CO-OPRATIVE BANK LTD KALLITHAZHE P.O., PARAL,THALASSERY, KANNUR - 670 741REPRESENTED BY ITS SECRETARY,SHRI. ARUN KUMAR K.P. BY ADVS. SRI.T.M.SREEDHARAN (SR.) SMT.DIVYA RAVINDRAN SRI.V.P.NARAYANAN RESPONDENT/RESPONDENT/REVENUE: THE COMMISSIONER OF INCOME TAX 1ST FLOOR, AAYAKAR BHAVAN,NEW ANNEX BUILDING, NORTH BLOCK,MANANCHIRA, KOZHIKODE - 673 001. THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION ON 25.08.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

ITA NO. 32 OF 2017 -2- J U D G M E N T S.V.Bhatti,J. Heard Adv.V.P Narayanan and learned Standing Counsel Mr.Christopher Abraham for parties. 2. Appeal is filed against the order dated 12.02.2015 of Income Tax Appellate Tribunal, Cochin Bench in I.T.A No.517/Coch/2014. The subject matter of the appeal relates to the assessment year 2010-11. The learned counsel appearing for parties state that the questions raised in the appeal are substantially covered by the judgment of Supreme Court in Mavilayi Service Co-operative Bank Ltd. and others v. Commissioner of Income Tax and another1 and the appeal could be allowed by following the said judgment. The statement is placed on record. Accordingly, the 1 [2021] 431 ITR 1 (SC)

ITA NO. 32 OF 2017 -3- Income Tax appeal is allowed by following the judgment of Supreme Court in Mavilayi Service Co-operative Bank (supra). Sd/- S.V.BHATTI JUDGE Sd/- VIJU ABRAHAM JUDGE JS

ITA NO. 32 OF 2017 -4- APPENDIX PETITIONER'S ANNEXURES: ANNEXURE A TRUE COPY OF THE ASSESSMENT ORDER DATED 26.03.2013 PASSED US.143(3) OF THE INCOME TAX ACT PASSED BY THE INCOME TAX OFFICER,WARD-2, KANNUR ALONG WITH COMPUTATION OF INCOME. ANNEXURE B TRUE COPY OF THE ORDER DATED 30.09.2014 IN ITA NO.124/KNR/CIT/CLT/2013-14, PASSED BY THE CIT (A) KOZHIKODE ANNEXURE C TRUE COPY OF THE COMMON ORDER OF THE ITAT, COCHIN BENCH, DATED 12.02.2015 IN ITA NO.517/COCH/2014 FOR THE ASST.YEAR 2010-11

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