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

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ITA/33/2017HC KeralaKLHC01026109201725 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, after hearing the counsel for both the assessee and the Revenue, noted that both parties agreed that the issues in the appeal were substantially covered by the Supreme Court's judgment in Mavilayi Service Co-operative Bank Ltd. and others v. Commissioner of Income Tax and another. Consequently, the High Court allowed the Income Tax Appeal by following the aforementioned Supreme Court judgment. The specific findings of the ITAT or the detailed reasoning of the Supreme Court judgment were not elaborated upon in this High Court order, as the decision was based on the concession made by both parties. No issues were expressly left undecided.

What were the facts?

The assessee, M/s. Kodiyeri Service Co-operative Bank Ltd., filed an appeal against the order dated 12.02.2015 of the Income Tax Appellate Tribunal (ITAT), Cochin Bench, in ITA No. 516/Coch/2014. The appeal pertains to the assessment year 2008-09. The Revenue is represented by the Commissioner of Income Tax. Both the assessee and the Revenue's counsel informed the High Court that the issues 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. Based on this submission, the High Court was requested to dispose of the appeal.

What were the issues?

1. Whether the issues raised in the appeal are 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's 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 could be allowed by following the said judgment. Revenue's Contention: The Revenue's counsel also agreed 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 that the appeal could be allowed by following the said judgment.

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. 33 OF 2017 AGAINST THE ORDER/JUDGMENT IN ITA 516/2014 OF I.T.A.TRIBUNAL,COCHIN BENCH, ERNAKULAM APPELLANT/APPELLANT/ASSESSEE: M/S.KODIYERI SERVICE CO-OPERATIVE BANK LTD KALLITHAZHE, P.O. PARAL, THALASSERY, KANNUR-670 741, REPRESENTED BY ITS SECRETARY, 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 IST FLOOR, AAYAKAR BHAVAN, NEW ANNEX BUILDING, NORTH BLOCK, MANANCHIRA, KOZHIKODE-673001. THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION ON 25.08.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

ITA NO. 33 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.516/Coch/2014. The subject matter of the appeal relates to the assessment year 2008-09. 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. 33 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. 33 OF 2017 -4- APPENDIX APPELLANT'S ANNEXURES: ANNEXURE A TRUE COPY OF ASST. ORDER DATED 28.03.2013 PASSED U/S 143 (3) R.W.S. 147 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.123/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 12.2.2015 IN ITA NO.516/COCH/2014 FOR THE ASST.YEAR 2008-09.

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