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

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ITA/321/2019HC KeralaKLHC01072808201922 October 2021Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI4 pages
AI SummaryDismissed

What did the High Court hold?

The High Court decided to dispose of the appeal by following the judgments of the Supreme Court in Mavilayi Service Co-operative Bank Ltd. and Chirakkal Service Co-operative Bank Ltd. The questions raised in the appeal were considered to be covered by these precedents.

What were the facts?

The appeal was filed by the Principal Commissioner of Income Tax against an order of the ITAT, Cochin Bench, concerning the Assessment Year 2014-15. The case involved a Farmers Service Co-operative Bank.

What were the issues?

The primary issue was whether the decisions in the cited Supreme Court and High Court judgments were applicable to the present case, thereby determining the tax treatment for the co-operative bank.

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 BASANT BALAJI FRIDAY, THE 22ND DAY OF OCTOBER 2021 / 30TH ASWINA, 1943 ITA NO. 321 OF 2019 AGAINST THE ORDER IN ITA 94/2019 OF I.T.A.TRIBUNAL,COCHIN BENCH, ERNAKULAM APPELLANT/S: THE PRINCIPAL COMMISSIONER OF INCOME TAX THIRUVANANTHAPURAM BY ADV SRI.CHRISTOPHER ABRAHAM, INCOME TAX DEPARTMENT RESPONDENT/S: M/S.AYIROOPPARA FARMERS SERVICE CO-OPERATIVE BANK LTD POTHENCODE.P.O, TRIVANDRUM-695584 BY ADV SRI.G.BIJU THIS INCOME TAX APPEAL HAVING COME UP FOR HEARING ON 22.10.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

I T A No. 321/2019 -2- J U D G M E N T S.V.Bhatti,J. Heard learned Standing Counsel Mr Christopher Abraham and Adv. G Biju, for parties. 2. Appeal is filed against the order dated 17.05.2019 of Income Tax Appellate Tribunal, Cochin Bench in I.T.A No.94/Coch/2019. The subject matter of the appeal relates to the Assessment Year 2014-15. 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.)

I T A No. 321/2019 -3- the appeal be disposed of 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/- BASANT BALAJI JUDGE jjj

I T A No. 321/2019 -4- APPENDIX OF ITA 321/2019 PETITIONER ANNEXURE ANNEXURE A1 TRUE COPY OF THE ORDER U/S 143(3) OF THE INCOME TAX ACT, 1961 OF THE ASSESSING OFFICER DATED 29.12.2016 ANNEXURE A2 TRUE COPY OF THE ORDER U/S 154 OF THE INCOME TAX ACT, 1961 OF THE ASSESSING OFFICER, DATED 22.08.2017 ANNEXURE B TRUE COPY OF THE ORDER OF THE COMMISSIONER OF INCOME TAX(APPEALS) TRIVANDRUM DATED 17.12.2018 ANNEXURE C TRUE COPY OF THE ORDER OF THE ITAT DATED 17.05.2019 IN ITA NO.94/COCH/2019, FOR THE ASST. YEAR 2014-15

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