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

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ITA/193/2019HC KeralaKLHC01078803201806 September 2021Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE VIJU ABRAHAM4 pages
AI SummaryDismissed

What did the High Court hold?

The High Court dismissed the appeal, following the Supreme Court judgments in Mavilayi Service Co-operative Bank Ltd. and Chirakkal Service Co-operative Bank Ltd. These judgments likely addressed the taxability of income for co-operative banks.

What were the facts?

The appeal was filed by the Principal Commissioner of Income Tax against an order of the Income Tax Appellate Tribunal for the Assessment Year 2013-14. The case involved a co-operative bank as the respondent.

What were the issues?

The core issue revolved around the tax treatment of income for a co-operative bank, as determined by the Supreme Court in cited cases.

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(2)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR.JUSTICE S.V.BHATTI & THE HONOURABLE MR.JUSTICE VIJU ABRAHAM MONDAY, THE 6TH DAY OF SEPTEMBER 2021 / 15TH BHADRA, 1943 ITA NO. 193 OF 2019 AGAINST THE ORDER IN ITA 65/2017 OF I.T.A.TRIBUNAL,COCHIN BENCH, ERNAKULAM APPELLANT/S: THE PRINCIPAL COMMISSIONER OF INCOME TAX THIRUVANANTHAPURAM BY ADVS. SRI.CHRISTOPHER ABRAHAM, INCOME TAX DEPARTMENT SRI.K.M.V.PANDALAI, INCOME TAX DEPARTMENT RESPONDENT/S: MYLACHEL SERVICE CO-OPERATIVE BANK LTD. OTTASEKHARAMANGALAM, NEYYATTINKARA, THIRUVANANTHAPURAM-695125. BY ADV SRI.S.ARUN RAJ THIS INCOME TAX APPEAL HAVING COME UP FOR HEARING ON 06.09.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

ITA No.193/2019 -2- J U D G M E N T S.V.Bhatti,J. Heard learned Standing Counsel Mr Christopher Abraham and Adv. Arun Raj S for parties. 2. Appeal is filed against the order dated 11.12.2017 of Income Tax Appellate Tribunal, Cochin Bench in I.T.A No.65/Coch/2017. The subject matter of the appeal relates to the Assessment Year 2013-14. 3. The learned counsel appearing for the parties state that the questions raised in the appeal are substantially covered by the judgments of Supreme Court in Mavilayi Service Co- operative Bank Ltd. v. Commissioner of Income Tax1 and Chirakkal Service Co-operative Bank Ltd v. Commissioner of Income Tax2 and 1 [2021] 431 ITR 1 (SC) 2 (2016) 384 ITR 490 (Ker.)

ITA No.193/2019 -3- the appeal could be dismissed by following the said judgments. The statement is placed on record. Accordingly, the Income Tax Appeal is dismissed by following the judgments in Mavilayi Service Co-operative Bank and Chirakkal Service Co- operative Bank (supra) and questions are answered accordingly. Sd/- S.V.BHATTI JUDGE Sd/- VIJU ABRAHAM JUDGE jjj

ITA No.193/2019 -4- APPENDIX OF ITA 193/2019 PETITIONER ANNEXURE ANNEXURE A TRUE COPY OF ORDER U/S 143(3) OF THE INCOME TAX ACT, 1961 OF THE ASSESSING OFFICER DATED 17.02.2016 ANNEXURE B TRUE COPY OF THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS), TRIVADNRUM DATED 12.01.2017 ANNEXURE C TRUE COPY OF THE ORDER OF THE ITAT IN ITA NO.65/COCH/2017, FOR THE ASST., YEAR 2013-14 DATED 11.12.2017

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