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

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ITA/69/2017HC KeralaKLHC01026145201725 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 allowed the appeal, following the precedent set by the Supreme Court in the Mavilayi Service Co-operative Bank Ltd. case. This implies the Tribunal's order was set aside.

What were the facts?

The appeal was filed by The Chovva Co-operative Rural Bank Ltd. against an order of the Income Tax Appellate Tribunal for the assessment year 2010-11. Both parties agreed that the issues were covered by a Supreme Court judgment.

What were the issues?

The primary issue was whether the assessment year 2010-11's tax treatment for the co-operative bank was in line with Supreme Court pronouncements on similar cases.

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

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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.

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