THE MAYYIL SERVICE CO-OPERATIVE BANK LTD vs. COMMISSIONER OF INCOME TAX, CALICUT

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ITA/73/2017HC KeralaKLHC01026149201725 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 allowed the Income Tax Appeal. The decision was based on the agreement between the assessee and the revenue that the issues in the present appeal were substantially covered by the Supreme Court judgment in Mavilayi Service Co-operative Bank Ltd. and others v. Commissioner of Income Tax and another and the High Court judgment in Chirakkal Service Co-operative Bank Ltd v. Commissioner of Income Tax. The Court followed these precedents in allowing the appeal. The specific findings or reasoning from the cited judgments were not elaborated upon in this order, as the appeal was disposed of based on the concession of the parties. No issues were expressly left undecided.

What were the facts?

The assessee, The Mayyil Service Co-operative Bank Ltd., filed an appeal against the order dated 02.11.2015 of the Income Tax Appellate Tribunal (ITAT), Cochin Bench, in ITA No. 561/Coch/2014. The appeal pertains to the assessment year 2007-08. The appeal was filed before the High Court of Kerala at Ernakulam. Both the assessee and the revenue were represented by their respective counsel. The parties agreed that the issues raised in the appeal were substantially covered by previous judgments of the Supreme Court and the High Court.

What were the issues?

1. Whether the appeal filed by the assessee is to be allowed based on the Supreme Court judgment in Mavilayi Service Co-operative Bank Ltd. and others v. Commissioner of Income Tax and another and the High Court judgment in Chirakkal Service Co-operative Bank Ltd v. Commissioner of Income Tax? Assessee's Contention: The assessee argued that the questions raised in the appeal are substantially covered by the Supreme Court judgment in Mavilayi Service Co-operative Bank Ltd. and others v. Commissioner of Income Tax and another and the High Court judgment in Chirakkal Service Co-operative Bank Ltd v. Commissioner of Income Tax. Therefore, the appeal should be allowed by following these precedents. Revenue's Contention: The revenue did not record any specific arguments against the assessee's contention. Their counsel agreed that the appeal could be allowed by following the aforementioned judgments.

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. 73 OF 2017 AGAINST THE ORDER/JUDGMENT IN ITA 561/2014 OF I.T.A.TRIBUNAL,COCHIN BENCH, ERNAKULAM APPELLANT/APPELLANT/ASSESSEE: THE MAYYIL SERVICE CO-OPERATIVE BANK LTD MAYYIL, KANNUR-670006, REPRESENTED BY ITS SECRETARY,C.RAJAN. BY ADVS. SRI.S.ARUN RAJ SRI.FIROZE B. ANDHYARUJINA SR SMT.C.T.SUJA RESPONDENT/RESPONDENT/REVENUE: COMMISSIONER OF INCOME TAX, CALICUT 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. 73 OF 2017 -2- J U D G M E N T S.V.Bhatti,J. Heard Adv.Arun Raj S. and learned Standing Counsel Mr.Christopher Abraham for parties. 2. Appeal is filed against the order dated 02.11.2015 of Income Tax Appellate Tribunal, Cochin Bench in I.T.A No.561/Coch/2014. The subject matter of the appeal relates to the assessment year 2007-08. 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 Chirakkal Service Co-operative Bank Ltd v. Commissioner of Income Tax2 and the appeal could be allowed by following the said judgments. 1 [2021] 431 ITR 1 (SC) 2 (2016) 384 ITR 490 (Ker.)

ITA NO. 73 OF 2017 -3- The statement is placed on record. Accordingly, the Income Tax appeal is allowed by following the judgments in Mavilayi Service Co-operative Bank and Chirakkal Service Co-operative Bank (supra). Sd/- S.V.BHATTI JUDGE Sd/- VIJU ABRAHAM JUDGE JS

ITA NO. 73 OF 2017 -4- APPENDIX OF ITA 73/2017 PETITIONER'S ANNEXURES: ANNEXURE A TRUE COPY OF THE ASSESSMENT ORDER DATED 29.3.2013 PASSED UNDER SECTION 143(3)R.WS 147 OF THE ACT FOR THE AY 2007-08. ANNEXURE B TRUE COPY OF THE ORDER DATED 30.09.2014 PASSED BY THE COMMISSIONER OF INCOME TAX (APPEALS), KOZHIKODE FOR THE AY 2007-08. ANNEXURE C TRUE COPY OF THE ORDER DATED 2.11.2015 PASSED BY THE HON'BLE INCOME TAX APPELLATE TRIBUNAL, COCHIN BENCH, COCHIN FOR THE AY 2007-08.

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