ARAYOOR SERVICE CO-OPERATIVE BANK LTD. 692 vs. INCOME TAX OFFICER

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR.JUSTICE S.V.BHATTI & THE HONOURABLE MR.JUSTICE BASANT BALAJI WEDNESDAY, THE 24TH DAY OF AUGUST 2022 / 2ND BHADRA, 1944 ITA NO. 8 OF 2022 ITA 258/2020 OF I.T.APPELLATE TRIBUNAL,COCHIN BENCH APPELLANT ARAYOOR SERVICE CO-OPERATIVE BANK LTD. 692 ARAYOOR, NEYYATTINKARA, TRIVANDRUM - 695 122. BY ADVS. A.KUMAR P.J.ANILKUMAR G.MINI(1748) P.S.SREE PRASAD RESPONDENT INCOME TAX OFFICER WARD-2(2), TRIVANDRUM - 695 001. OTHER PRESENT: SC Christopher Abraham THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION ON 24.08.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

ITA 8/2022 2 S.V.BHATTI & BASANT BALAJI, JJ. ------------------------------------ I.T.A.8 of 2022 --------------------------- Dated 24th August, 2022 JUDGMENT Heard Sri.A.Kumar for the appellant and Sri.Christopher Abraham, the learned Standing Counsel for respondent. 2. The appeal has been admitted on the following substantial questions of law : “A. Whether on facts and in circumstances of the case, the tribunal is justified in holding that the learned CIT Appeals has rights recalled its earlier order by exercise of power under S. 154 of the Act. B. Whether on facts and in circumstances of the case, the tribunal and the authority below is justified in relying on Kil Kotagiris case 174 ITR 579 to sustain the rectification u / s 154 of the Act. C. Whether on facts and in circumstances of the case, the tribunal is justified in sustaining the rectification by the CITA when there is a divergence of judicial opinion on a question of law or two conceivable views are possible.”

ITA 8/2022 3 3. The Tribunal, while confirming the order of the Commissioner, in the judgment impugned referred to Chirakkal Service Co-operative Bank Ltd v. CIT (2016 384 ITR 490 [Ker.] and recorded a few findings. 4. The Apex Court in Mavilayi Service Co- operative Bank Ltd., has laid down the law on the point. The Tribunal remanded the matter to the Assessing Officer. It is therefore needless to observe that the Assessing officer while redoing the exercise of assessment, refers and relies on the dictum applicable as on date. We are of the view that the questions so raised in the appeal need not be considered. 5. Hence the appeal stands disposed of with the above observation. The other questions raised by the appellant are left open for consideration in appropriate cases. The entire exercise of assessment shall be completed within two months from the date of receipt of a copy of this judgment. Sd/- S.V.BHATTI, Judge Sd/- BASANT BALAJI, Judge Mrcs/24.8.

ITA 8/2022 4 APPENDIX OF ITA 8/2022 PETITIONER ANNEXURES Annexure A TRUE COPY OF THE ASSESSMENT ORDER DATED 20/11/2017 U/S 143(3) READ WITH SECTION 147. Annexure B TRUE COPY OF ORDER OF THE CIT (A) DATED 10/1/2018. Annexure C TRUE COPY OF THE ORDER OF THE CIT (A) DATED 03/09/2019 U/S 154. Annexure D TRUE COPY OF THE ORDER OF THE ASSESSING OFFICER DATED 25/10/2019. Annexure E CERTIFIED COPY OF THE ORDER OF THE ITAT DATED 16/07/2020.