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

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. 301 OF 2019 AGAINST THE ORDER/JUDGMENT IN ITA 49/2019 OF I.T.A.TRIBUNAL,COCHIN BENCH, ERNAKULAM APPELLANT/S: THE PRINCIPAL COMMISSIONER OF INCOME-TAX THIRUVANANTHAPURAM. BY ADV CHRISTOPHER ABRAHAM RESPONDENT/S: KARAKULAM SERVICE CO-OPERATIVE BANK LTD KARAKULAM, NEDUMANGAD-695 564. BY ADVS. SRI.T.M.SREEDHARAN (SR.) SMT.DIVYA RAVINDRAN SMT.NISHA JOHN THIS INCOME TAX APPEAL HAVING COME UP FOR ADMISSION ON 22.10.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

ITA NO. 301 OF 2019 -2- J U D G M E N T S.V.Bhatti,J. Heard learned Standing Counsel Mr.Christopher Abraham and Adv.V.P Narayan on behalf of Adv.Divya Ravindran for parties. 2. Appeal is filed against the order dated 12.03.2019 of Income Tax Appellate Tribunal, Cochin Bench in I.T.A No.49/Coch/2019. The subject matter of the appeal relates to the Assessment Year 2015-16. 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 this Court in Chirakkal Service Co-operative Bank Ltd v. Commissioner of Income Tax2 and the appeal be 1 [2021] 431 ITR 1 (SC) 2 (2016) 384 ITR 490 (Ker.)

ITA NO. 301 OF 2019 -3- 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 JS

ITA NO. 301 OF 2019 -4- APPENDIX APPELLANT'S ANNEXURES: ANNEXURE A TRUE COPY OF THE ORDER UNDER SECTION 143(3) OF THE INCOME TAX ACT, 1061 OF THE ASSESSING OFFICER DATED 06.12.2017. ANNEXURE B TRUE COPY OF THE ORDER OF THE COMMISSIONER OF INCOME TAX(APPEALS), TRIVANDRUM DATED 27.11.2018. ANNEXURE C CERTIFIED COPY OF THE ORDER OF THE ITAT IN ITA NO.49/COCH/2019 FOR THE ASST.YEAR 2015-16 DATED 12.03.2019.