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

PDF · subscribers
ITA/75/2017HC KeralaKLHC01026151201725 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 parties, noted that the questions raised 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 and the High Court's judgment in Chirakkal Service Co-operative Bank Ltd v. Commissioner of Income Tax. Consequently, the Court allowed the Income Tax Appeal by following the principles laid down in these two judgments. No specific amount in dispute was mentioned. The operative direction was to allow the appeal.

What were the facts?

The assessee, The Mayyil Service Co-operative Bank Ltd., filed an Income Tax Appeal before the High Court of Kerala at Ernakulam. The appeal was against an order dated 02.11.2015 passed by the Income Tax Appellate Tribunal, Cochin Bench, in ITA No.563/Coch/2014. The subject matter of the appeal pertains to the assessment year 2010-11. The appeal was admitted for hearing. The parties, through their respective counsel, informed the Court 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 issues raised in the appeal are substantially covered by the judgment of the Supreme Court in Mavilayi Service Co-operative Bank Ltd. and others v. Commissioner of Income Tax and another [2021] 431 ITR 1 (SC)? 2. Whether the issues raised in the appeal are substantially covered by the judgment of the High Court of Kerala in Chirakkal Service Co-operative Bank Ltd v. Commissioner of Income Tax (2016) 384 ITR 490 (Ker.)? Assessee's Contention: The assessee, through its counsel, argued that the questions raised in the appeal are substantially covered by the aforementioned Supreme Court and High Court judgments, and therefore, the appeal should be allowed by following these precedents. Revenue's Contention: The revenue, through its Standing Counsel, did not record any specific argument against the assessee's submission regarding the applicability of the cited 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. 75 OF 2017 AGAINST THE ORDER/JUDGMENT IN ITA 563/2014 OF I.T.A.TRIBUNAL,COCHIN BENCH, ERNAKULAM APPELLANT/S: THE MAYYIL SERVICE CO-OPERATIVE BANK LTD. MAYYIL, KANNUR-670 006, REPRESENTED BY ITS SECRTARY,C.RAJAN. BY ADVS. SRI.S.ARUN RAJ SRI.FIROZE B. ANDHYARUJINA SR SMT.C.T.SUJA RESPONDENT/S: COMMISSIONER OF INCOME TAX CALICUT-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. 75 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.563/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 Chirakkal Service Co-operative Bank Ltd v. Commissioner of Income Tax2 and the appeal could be allowed by following the said 1 [2021] 431 ITR 1 (SC) 2 (2016) 384 ITR 490 (Ker.)

ITA NO. 75 OF 2017 - 3 - judgments. 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. 75 OF 2017 - 4 - APPENDIX OF ITA 75/2017 PETITIONER'S ANNEXURES: ANNEXURE A TRUE COPY OF THE ASSESSMENT ORDER DATED 28.3.2013 PASSED UNDER SECTION 143(3) OF THE ACT FOR THE AY 2010-11. ANNEXURE B TRUE COPY OF THE ORDER DATED 30.09.2014 PASSED BY THE COMMISSIONER OF INCOME TAX (APPEALS), KOZHIKODE FOR THE AY 2010-11. 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 2010-11.

Recent GST High Court judgments

Search GST case law →