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

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WP/112536/2015HC KarnatakaKAHC02002670201522 March 2016Bench: B.S PATIL3 pages
AI SummaryDismissed

What did the High Court hold?

The petitioner's counsel filed a memo seeking to withdraw the writ petitions. Consequently, the High Court dismissed the petitions as not pressed.

What were the facts?

The petitioner, a co-operative bank, challenged notices issued under Section 148 of the Income Tax Act for assessment years 2008-09, 2009-10, and 2010-11. The bank also sought a declaration that interest paid exceeding Rs. 10,000 to members was not disallowable under Section 40(a)(ia) and that Section 147 was wrongly invoked.

What were the issues?

The primary issues involved the validity of reassessment notices under Section 148 and the disallowability of interest payments under Section 40(a)(ia) of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 148,Section 147,Section 40(a)(ia)

AI-generated summary — verify with the full judgment below

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*

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