M/S THE KANARA DISTRICT CENTRAL CO-OPERATIVE BANK vs THE ASSISTANT COMMISSIONER OF INCOME TAX

Before: AND

IN THE HIGH COURT OF KARNATAKA DHARWAD BENCH DATED THIS THE 22ND DAY OF MARCH 2016 BEFORE THE HON’BLE MR. JUSTICE B.S. PATIL W.P. NOs. 112536-112538 OF 2015 [T-IT] BETWEEN M/S. THE KANARA DISTRICT CENTRAL CO-OPERATIVE BANK LIMITED, REP. BY SRI M.D. MALGAOKAR AGED ABOUT 59 YEARS NEW MARKET YARD SIRSI-581402 UTTAR KANNADA KARNATAKA ... PETITIONER (BY SRI A SHANKAR & SRI M LAVA, ADVOCATES) AND THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-1(1), HUBBALLI CENTRAL REVENUE BUILDING NAVANAGAR, HUBBALLI-580025 ... RESPONDENTS THESE WRIT PETITIONS ARE FILED UNDER ARTICLES 226 & 227 OF THE CONSTITUTION OF INDIA, PRAYING TO:

: 2 : A) QUASH THE NOTICE ISSUED UNDER THE PROVISION OF SECTION 148 OF THE ACT ISSUED BY THE RESPONDENT AS ENCLOSED AND MARKED AS ANNEXURS-A1, A2 AND A3. THE DETAILS OF THE ANNEXURES-A1, A2 AND A3 ARE AS FOLLOWS:- I). NOTICE UNDER SECTION 148 OF THE ACT DATED:27.03.2015, VIDE PAN:AAAAT 7777 J, FOR THE ASSESSMENT YEAR 2008-09, ANNEXURE-A1. II). NOTICE UNDER SECTION 148 OF THE ACT DATED:27.03.2015, VIDE PAN:AAAAT 7777 J, FOR THE ASSESSMENT YEAR 2009-10, ANNEXURE-A2. III). NOTICE UNDER SECTION 148 OF THE ACT DATED:27.03.2015, VIDE PAN:AAAAT 7777 J, FOR THE ASSESSMENT YEAR 2010-11, ANNEXURE-A3. B. DECLARE THAT THE INTEREST PAID EXCEEDING RS.10,000/- TO THE MEMBERS AS REFERRED IN THE REASONS RECORDED FOR THE ASSESSMENT YEAR 2008-09, 2009-10 AND 2010-11 ARE NOT DISALLOWABLE UNDER SECTION 40(a)(ia) OF THE INCOME TAX ACT, 1961. C. DELCARE THAT THE RESPONDENT ERRED IN LAW IN INVOKING THE PROVISIONS OF SECTION 147 OF THE ACT ON MERE SURMISE, CONJUNCTURES AND SUSPICION WHICH RESULTED IN REASONS TO SUSPECT WITHOUT HAVING ANY REASONS TO BELIEVE AS CONTEMPLETED UNDER THE PROVISIONS OF SECTION 147 OF THE ACT. THESE WRIT PETITION COMING ON FOR ORDERS, THIS DAY THE COURT MADE THE FOLLOWING:-

: 3 : O R D E R Learned counsel for petitioner files a memo seeking to withdraw the writ petitions. 2. Memo filed is placed on record. The petitions are dismissed as not pressed. Sd/- JUDGE Sbs*

M/S THE KANARA DISTRICT CENTRAL CO-OPERATIVE BANK vs. THE ASSISTANT COMMISSIONER OF INCOME TAX