KOVALAM SERVICE CO-OPERATIVE BANK LIMITED SOCIETY,PACHALLOOR vs. ITO, WARD-2(1), THIRUVANANTHAPURAM
Facts
The assessee, a co-operative society, failed to file income tax returns for AYs 2012-13 and 2017-18. Consequently, the AO initiated reassessment proceedings under Section 148, completing assessments under Section 144 and making additions under Section 69. The CIT(A) confirmed the AO's orders, leading the assessee to appeal before the ITAT.
Held
During the hearing, the assessee's counsel expressed the intention to withdraw the appeals. The Senior Departmental Representative had no objection to this request. Accordingly, the Income Tax Appellate Tribunal permitted the withdrawal and dismissed the appeals as withdrawn.
Key Issues
Whether the additions made by the Assessing Officer under Section 69 for AYs 2012-13 and 2017-18, and confirmed by the CIT(A), were correct; and whether to allow the assessee to withdraw its appeals.
Sections Cited
139(1), 148, 144, 69
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, COCHIN BENCH
Before: SHRI INTURI RAMA RAO, AM & SHRI SOUNDARARAJAN K., JM
IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH BEFORE SHRI INTURI RAMA RAO, AM AND SHRI SOUNDARARAJAN K., JM ITA Nos. 618 & 619/Coch/2024 Assessment Years: 2012-13 & 2017-18 Kovalam Service Co-op. Bank Ltd. .......... Appellant Pachallor, Thiruvananthapuram 695527 [PAN: AADAK1747N] vs. The Income Tax Officer .......... Respondent Ward 2(1), Thiruvananthapuram Appellant by: Shri Padmanathan K.V., Advocate Respondent by: Smt. Leena Lal, Sr. D.R. Date of Hearing: 04.02.2025 Date of Pronouncement: 21.02.2025
O R D E R Per: Inturi Rama Rao, AM These appeals filed by the assessee are directed against the orders of the National Faceless Appeal Centre, Delhi [CIT(A)], dated 14.12.2023 for Assessment Years (AYs) 2012-13 & 2017-18.
Brief facts of the case are that the assessee is a co-operative society registered under the Kerala State Co-operative Societies Act, 1969. The appellant is engaged in the business of banking
2 ITA Nos. 618 & 619/Coch/2024 Kovalam Service Co-op. Bank Ltd.
activity and also providing credit facilities to its members. The return of income was not filed by the appellant for the AYs. 2012- 13 & 2017-18 under the provisions of section 139(1) of the Income Tax Act, 1961 (the Act). Therefore, a notices u/s. 148 of the Act were issued to the appellant requiring to file the return of income. The appellant did not comply with the notices. Under the circumstances the Income Tax Officer, Ward -2(1), Thiruvananthapuram (hereinafter called "the AO") completed the assessment u/s. 144 of the Act vide orders dated 10.12.2019 and 24.12.2019, respectively at a total income of Rs. 1,37,30,636/- for AY 2012-13 and Rs, 2,19,28,159/- for AY 2017-18. While doing so, the AO made addition u/s. 69 of the Act of Rs. 1,31,21,184/- in AY 2012-13 and Rs. 62,72,000/- for AY 2017-18.
Being aggrieved, an appeals were filed before the CIT(A), who vide the impugned order confirmed the action of the AO.
Being aggrieved, the appellant is in appeal before us in the present appeals.
When the matter was called on, the learned counsel for the assessee submitted that the assessee intends to withdraw the appeals. The learned Sr. DR did not raise in objection to the request for withdrawal. Accordingly, we permit the Revenue to withdraw the miscellaneous applications.
3 ITA Nos. 618 & 619/Coch/2024 Kovalam Service Co-op. Bank Ltd.
In the result, appeals filed by the assessee are dismissed as withdrawn.
Order pronounced in the open court on 21st February, 2025.
Sd/- Sd/- (SOUNDARARAJAN K.) (INTURI RAMA RAO) JUDICIAL MEMBER ACCOUNTANT MEMBER Cochin, Dated: 21st February, 2025 n.p. Copy to: 1. The Appellant 2. The Respondent 3. The Pr. CIT concerned 4. The Sr. DR, ITAT, Cochin 5. Guard File Assistant Registrar ITAT, Cochin
