THE CHOVVA CO-OPERATIVE RURAL BANK LTD vs. COMMISSIONER OF INCOME TAX, CALICUT

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. 69 OF 2017 AGAINST THE ORDER/JUDGMENT IN ITA 339/2015 OF I.T.A.TRIBUNAL,COCHIN BENCH, ERNAKULAM APPELLANT/APPELLANT/ASSESSEE: THE CHOVVA CO-OPERATIVE RURAL BANK LTD CHOVVA PO, KANNUR.670006,REPRESENTED BY ITS SECRETARY, AJAYAKUMAR C.V BY ADVS. SRI.S.ARUN RAJ SRI.FIROZE B. ANDHYARUJINA SR SMT.C.T.SUJA RESPONDENT/RESPONDENT/REVENUE: COMMISSIONER OF INCOME TAX, CALICUT 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. 69 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.339/Coch/2015. 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 the appeal could be allowed by following the said judgment. 1 [2021] 431 ITR 1 (SC)

ITA NO. 69 OF 2017 -3- The statement is placed on record. Accordingly, the 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. 69 OF 2017 -4- APPENDIX OF ITA 69/2017 PETITIONER'S ANNEXURES ANNEXURE A TRUE COPY OF THE ASSESSMENT ORDER DATED 04.03.2013 PASSED UNDER SECTION 143(3) OF THE ACT FOR THE AY 2010 - 11. ANNEXURE B TRUE COPY OF THE ORDER DATED 20.03.2015 PASSED BY THE COMMISSIONER OF INCOME TAX (APPEALS), KOZHIKODE FOR THE AY 2010 - 11. ANNEXURE C TRUE COPY OF THE ORDER DATED 02.11.2015 PASSED BY THE HON'BLE TAX APPELLATE TRIBUNAL, COCHIN BENCH, COCHIN FOR THE AY 2010 -11.