KERALA STATE CO-OPERATIVE BANK LTD,THIRUVANANTHAPURAM V. DCIT, CIRCLE 1(1), THIRUVANANTHAPURAM

ITA 73/COCH/2024

AI Insights

The case involves the Kerala State Co-operative Bank Limited, which appealed against the order of the Commissioner of Income-tax (Appeals) concerning the assessment year 2020-2021. The bank, classified as an Apex Co-operative Bank in Kerala, initially filed a return disclosing a total income significantly lower than what was later assessed by the Assessing Officer. The primary contention in the appeal was the disallowance of set off of brought forward loss and adjustments made during the assessment. The CIT(A) had dismissed the bank's appeal without a detailed, reasoned order, leading to the current appeal before the Income Tax Appellate Tribunal.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 47005 (ITAT-COCHIN)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-04-2025
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2020-2021
• Laws Referred To: Income-tax Act, 1961
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: LEENA LAL
• Assessee Lawyers: ANANTHAN
• Keywords: Opportunity of being heard

Judgement Text

"IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri George George K, Vice-President & Shri Inturi Rama Rao, Accountant Member ITA No.73/Coch/2024 :Asst.Year 2020-2021 Kerala State Co-operative Bank Limited, Bank Towers, Palayam Thiruvananthapuram- 695 033. PAN : AAAAK4255G. v. The Deputy Commissioner of Income-tax, Cir.1(1) Thiruvananthapuram. (Appellant) (Respondent) Appellant by : Sri.Ananthan , CA Respondent by :Smt.Leena Lal, Sr.AR Date of Hearing :02.04.2025 Date of Pronouncement : 08.04.2025 O R D E R Per Inturi Rama Rao, AM : This appeal at the instance of the assessee is directed against National Faceless Assessment Centre / Commissioner of Income-tax (Appeals) [“CIT(A)”] order dated 06.12.2023 passed u/s.250 of the Income-tax Act, 1961 [“the Act”] for the assessment year 2020-2021. 2. Brief facts of the case are that the appellant is a co-operative society duly incorporated under the provisions of Kerala Co-operative Societies Act. It is engaged in the business of banking and it is classified as an Apex Co-operative Bank of the State of Kerala. The return of income for the assessment year 2020-2021 was filed on 3rd February, 2021 disclosing total income of Rs.97,09,45,960. The same was revised on 27th March, 2021 at a total income of Rs.14,28,14,560. ITA No.73/Coch/2024. Kerala State Co-operative Bank Ltd. 2 The said return of income was processed u/s.143(3) of the Income-tax Act, 1961 (“the Act”) by the CPC vide intimation dated 26.12.2021 after making a prima facie adjustment of Rs.480,54,34,439. Subsequently the assessment was completed by the Assessing Officer (“the AO”) vide order dated 26th September, 2022 passed u/s.143(3) of the Act at a total income of Rs.701,36,76,298 after making addition on account of disallowance of set off of brought forward loss of Rs.224,90,06,336 and also after reiterating the adjustment made vide intimation u/s.143(1) of the Act. 3. Being aggrieved by the above assessment order, an appeal was filed before the CIT(A) contesting the above addition. The CIT(A) vide the impugned order dismissed the appeal without passing a speaking order. 4. Being aggrieved, the appellant is in appeal before us in the present appeal. The learned Counsel for the assessee submits that the CIT(A) without dealing with all the grounds of appeal and statement of facts and the material brought on record, merely dismissed the appeal. Thus, he prayed that in the interest of justice the matter may be remanded to the file of the CIT(A). 5. On the other hand, the learned CIT-DR had no serious objection for remitting the matter to the file of the CIT(A). 6. We heard the rival submissions and perused the material available on record. On perusal of the order passed by the CIT(A), it is clear that the CIT(A) without adverting to the written submissions filed before ITA No.73/Coch/2024. Kerala State Co-operative Bank Ltd. 3 him simply dismissed the appeal and confirmed the action of the AO. Therefore, we are of the considered opinion in the interest of justice, the matter requires remand to the file of the CIT(A) for de novo disposal in accordance with law, after affording a reasonable opportunity of being heard to the assessee. We order accordingly. 7. In the result, the appeal filed by the assessee is allowed for statistical purposes. Order pronounced on this 08th day of April, 2025. Sd/- (George George K) Sd/- (Inturi Rama Rao) VICE-PRESIDENT ACCOUNTANT MEMBER Cochin; Dated : 08th April, 2025. Devadas G* Copy to : 1. The Appellant. 2. The Respondent. 3. The CIT, Cochin. 4. The DR, ITAT, Cochin. 5. Guard File. Asst.Registrar/ITAT, Cochin "