AVINISSERY SERVICE CO-OPERATIVE BANK LTD,THRISSUR vs. THE INCOME TAX OFFICER WARD 2(1),THRISSUR, THRISSUR

68 taxmann.com 298/239 Taxman 417/384 ITR 490,\nwhere in a batch of appeals challenging assessments completed under\nsection 147 read with 143(3)/144 of the Income-tax Act, the High\nCourt, after considering section 80P(4) of the Income-tax Act, various\nprovisions of the Kerala Act, the Banking Regulation Act, 1949, the bye-\nlaws of the Societies

M/S PAZHAYANGADI G GOLD,KANNUR vs. ITO WARD 1 & TPS, KANNUR

In the result, the appeal by the assessee is dismissed

Bench: Shri Inturi Rama Rao & Shri Sandeep Singh Karhailassessment Year : 2018-19 Pazhayangadi G Gold, Ito, Ward-1& Tps, Eazhome Pazhayangadi, Kannur Kannur-670303 Vs. Pan : Aaufp9485G (Appellant) (Respondent) For Assessee : Shri Arun Raj S. Adv. For Revenue : Shri Sanjit Kumar Das, Cit-Dr (Heard In Hybrid Bench) Date Of Hearing : 25-03-2025 Date Of Pronouncement : 27-05-2025 O R D E R

4. I have carefully considered the mater. The assessee had furnished several judicial pronouncements in support of proposition that initiation of penalty proceedings under wrong section or non- initiation of penal proceedings cannot be cured by provisions of section 263 of the Act. Hon'ble Madhya Pradesh High Court in the case, of Addi CIT Vs Indian Pharmaceuticals

BHIMA JEWELLERS,SULTHAN BATHERY, WAYANAD vs. THE PR CIT, KOZHIKKODE, KOZHIKKODE

In the result, appeal of the assessee is dismissed

Bench: S/Shri Chandra Poojari, Am & George George K., Jm I.T.A. No.208/Coch/2018 Assessment Year : 2013-14 M/S. Bhima Jewellers, Vs. The Pr. Commissioner Of Income- 6/785 Ai, Tax, Kozhikode. Mysore Road, Chungum Junction, Sulthan Bathery, Wayanad-673 592. [Pan: Aakfb 9817C] (Assessee-Appellant) (Revenue-Respondent) Revenue By Shri Dhanaraj A. Sr. Dr Assessee By Shri R. Krishnan, Ca Date Of Hearing 05/07/2018 Date Of Pronouncement 20/08/2018

4. The answer to the aforesaid question lies in the fact as to whether unexplained cash credits taxed under section 68 are assessable under a known source or head of income as enumerated under section 14. If they are so assessable under a head of income specified in section 14, they would then and then only need

VILAVATTAM SERVICE CO-OP BANK LTD NO 337,THRISSUR vs. ITO WARD 2(3), THRISSUR

In the result, the appeals filed by the appellant are allowed and the order(s) of the Kerala High Court and other authorities to the contrary are set aside

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

68 taxmann.com 298 (Ker.) having decided the very issue in assessee’s favour. Ordered accordingly. Vilvattam Service Co-op. Bank Ltd. 5. The Revenue’s next vehement contentions seeks to treat the assessee as a cooperative bank u/sec.80P(2)(4) than a credit cooperative society as per Pr. CIT vs. Mavilayi Service Cooperative Bank

VILAVATTAM SERVICE CO-OP BANK LTD NO 337,THRISSUR vs. ITO WARD 2(3), THRISSUR

In the result, the appeals filed by the appellant are allowed and the order(s) of the Kerala High Court and other authorities to the contrary are set aside

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

68 taxmann.com 298 (Ker.) having decided the very issue in assessee’s favour. Ordered accordingly. Vilvattam Service Co-op. Bank Ltd. 5. The Revenue’s next vehement contentions seeks to treat the assessee as a cooperative bank u/sec.80P(2)(4) than a credit cooperative society as per Pr. CIT vs. Mavilayi Service Cooperative Bank

RAMAPURAM NORTH AISWARYA PRADAYINI SCB LTD ,ALAPPUZHA vs. THE ITO WARD 3, ALAPPUZHA

In the result, the appeals filed by the appellant are allowed and the order(s) of the Kerala High Court and other authorities to the contrary are set aside

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singhassessment Year 2017-18 Ramapuram North Aiswarya Pradayini Scb Ltd. Ramapuram North, The Income Tax Officer Vs. Keerikadu P.O., Alappuzha Ward - 3, Pin - 690508 Alappuzha Pan Aacar2023D (Appellant) (Respondent)

68 taxmann.com 298 (Ker.) These Revenue’s contentions rejected accordingly. 3 Ramapuram North Aiswarya Pradayini SCB Ltd. 4. Learned DR’s next case is that assessee had violated the corresponding norms by not having extended credit facility by way of agricultural loans to the eligible members. We find that hon’ble apex court’s landmark decision Mavilayi Service Cooperative Bank

SREE ANJANEYA MEDICAL TRUST,KOZHIKODE vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 2 (1), KOZHIKODE

In the result, the appeals filed by the assessee are allowed

Bench: Shri Waseem Ahmed & Shri Soundararajan K.Sree Anjaneya Medical Trust Acit, Circle - 2 17/501X-1, Kanchas Building Aayakar Bhavan Opp. Indoor Stadium Mananachira Vs. Rajaji Road, New Bus Stand Kozhikode 673001 Kozhikode 673004 [Pan: Aahts3844B] (Appellant) (Respondent)

4. However, the AO in the proceeding under section 147 of the Act found that the registration of assessee under section 12AA of the Act was not available for the year under consideration. Accordingly, the AO held that in the absence of registration under section 12AA of the Act, the exemption available under section 11

M/S.SAHYADRI AGENCIES LTD,KANDNASSERY, THRISSUR vs. THE ITO, WD-1(3), THRISSUR

In the result, the appeal filed by the assessee is dismissed

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

11 UA for determining the net value of the shares and to verify applicability of provisions of section 56(2)(viib) / 68 and re-do the assessment de novo after giving opportunity to the assessee. Assessee is also instructed to co-operative with the Assessing Officer in fresh assessment proceedings.” 6. The learned AR filed a paper book enclosing

JUBILEE MISSION HOSPITAL.,THRISSUR vs. THE DCIT, KOCHI

In the result, the appeals filed by the assessee in ITA Nos

Bench: Shri Chandra Poojari & Smt. Beena Pillai

4. After the enactment of the Direct Tax Laws (Amendment) Act, 1987, i.e., prior to 1st April, 1989, section 147 of the Act, reads as under: “147. Income escaping assessment – If the Assessing Officer, for reasons to be recorded by him in writing, is of the opinion that any income chargeable to tax has escaped assessment for any assessment

JUBILEE MISSION HOSPITAL,THRISSUR vs. THE DCIT, THRISSUR

In the result, the appeals filed by the assessee in ITA Nos

Bench: Shri Chandra Poojari & Smt. Beena Pillai

4. After the enactment of the Direct Tax Laws (Amendment) Act, 1987, i.e., prior to 1st April, 1989, section 147 of the Act, reads as under: “147. Income escaping assessment – If the Assessing Officer, for reasons to be recorded by him in writing, is of the opinion that any income chargeable to tax has escaped assessment for any assessment

JUBILEE MISSION HOSPITAL,THRISSUR vs. THE DCIT, KOCHI

In the result, the appeals filed by the assessee in ITA Nos

Bench: Shri Chandra Poojari & Smt. Beena Pillai

4. After the enactment of the Direct Tax Laws (Amendment) Act, 1987, i.e., prior to 1st April, 1989, section 147 of the Act, reads as under: “147. Income escaping assessment – If the Assessing Officer, for reasons to be recorded by him in writing, is of the opinion that any income chargeable to tax has escaped assessment for any assessment

JUBILEE MISSION HOSPITAL ,KAKKANAD vs. THE DCIT, KOCHI

In the result, the appeals filed by the assessee in ITA Nos

Bench: Shri Chandra Poojari & Smt. Beena Pillai

4. After the enactment of the Direct Tax Laws (Amendment) Act, 1987, i.e., prior to 1st April, 1989, section 147 of the Act, reads as under: “147. Income escaping assessment – If the Assessing Officer, for reasons to be recorded by him in writing, is of the opinion that any income chargeable to tax has escaped assessment for any assessment

M/S SANTHIMADOM HERBAL CITY TRUST,ERNAKULAM vs. ACIT CENTRAL CIRCLE 2, KOCHI

In the result, the assessee’s appeals are partly allowed

Bench: Shri Sanjay Arora, Am & Shri Manomohan Das, Jm

4) only contemplates revision in the amount charged or chargeable, even if nil, as where the first assessment yields a nil assessed tax. We, accordingly, for the reasons stated, find no merit in the Revenue’s case. As regards the decision in Mahesh Investments (supra), the relevant part of which is reproduced at para 5.12 of the impugned order

M/S SANTHIMADOM HERBAL CITY TRUST,ERNAKULAM vs. ACIT CENTRAL CIRCLE -2, KOCHI

In the result, the assessee’s appeals are partly allowed

Bench: Shri Sanjay Arora, Am & Shri Manomohan Das, Jm

4) only contemplates revision in the amount charged or chargeable, even if nil, as where the first assessment yields a nil assessed tax. We, accordingly, for the reasons stated, find no merit in the Revenue’s case. As regards the decision in Mahesh Investments (supra), the relevant part of which is reproduced at para 5.12 of the impugned order

M/S.PEROORKADA SERVICE CO-OP BANK LTD,TRIVANDRUM vs. THE ITO, WD-2(1), TRIVANDRUM, TRIVANDRUM

In the result, the appeal of the Revenue in I

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

4. For these and other grounds that may be advanced at the time of hearing the order of the learned Commissioner of Income-tax(Appeals), Trivandrum on the above points may be set aside and that of the Assessing Officer restored. 5. The facts of the case are that the assessee is a Co-operative Society engaged in banking business

M/S.PERRORKADA SERVICE CO-OP BANK LTD,TRIVANDRUM vs. THE ITO, TRIVANDRUM

In the result, the appeal of the Revenue in I

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

4. For these and other grounds that may be advanced at the time of hearing the order of the learned Commissioner of Income-tax(Appeals), Trivandrum on the above points may be set aside and that of the Assessing Officer restored. 5. The facts of the case are that the assessee is a Co-operative Society engaged in banking business

M/S.PEROORKADA SERVICE CO-OP BANK LTD,TRIVANDRUM vs. THE ITO, WD-2(1), TRIVANDRUM, TRIVANDRUM

In the result, the appeal of the Revenue in I

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

4. For these and other grounds that may be advanced at the time of hearing the order of the learned Commissioner of Income-tax(Appeals), Trivandrum on the above points may be set aside and that of the Assessing Officer restored. 5. The facts of the case are that the assessee is a Co-operative Society engaged in banking business

M/S.PERRORKADA SERVICE CO-OP BANK LTD,TRIVANDRUM vs. THE ITO, TRIVANDRUM

In the result, the appeal of the Revenue in I

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

4. For these and other grounds that may be advanced at the time of hearing the order of the learned Commissioner of Income-tax(Appeals), Trivandrum on the above points may be set aside and that of the Assessing Officer restored. 5. The facts of the case are that the assessee is a Co-operative Society engaged in banking business