M/s.Vennala Service Co-op Bank Ltd, Ernakulam V. The ITO, Kochi

MA 95/COCH/2021

AI Insights

This case involves the Vennala Service Co-operative Bank Limited, which filed a miscellaneous application concerning a previous Tribunal order related to the assessment year 2011-2012. The application was regarding the non-communication of reasons recorded under section 147 of the Income Tax Act, which the Tribunal had not addressed in their earlier decision. During the hearing of the miscellaneous application, the assessee decided not to press the application, and the Senior Departmental Representative raised no objections to this decision. Consequently, the Tribunal dismissed the application as withdrawn.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 115423 (ITAT-COCHIN)
• Duration Of Justice: 2 year(s) 7 month(s) 24 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 30-07-2023
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2011-2012
• Appeal Filed On: 06-12-2020
• Other Referred Cases: Mavilayi Service Co-operative Bank Ltd. v. CIT [2019] 414 ITR 67 (Ker)(FB)
• Laws Referred To: Income Tax (Appellate Tribunal) Rules, 1963
• Result in Favour of: Revenue
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Sanjay Arora, AM &Shri Manomohan Das, JM MA N o .95/Co ch/20 21: Asst. Y ear 2 011-2012 ( Ar i sin g o ut o f IT A N o .12 9/Co ch/2 02 0) Vennala Service Co-operative Bank Limited, No.E-774, Vennala PO Kochi – 682 028. [PAN: AABAV2225J] v. The Income Tax Officer Non Corporate Ward 1(5) Kochi. (Applicant) (Respondent) Applicant by: Sri.Amaljith P.J., CA Respondent by: Smt.J.M.Jamuna Devi, Sr.AR Date of Hearing : 07.07.2023 Date of Pronouncement : 31.07.2023 O R D E R Per Sanjay Arora, AM: This is a Miscellaneous Petition by the Assessee-appellant in respect of the order by the Tribunal dated 05.10.2020 in the captioned appeal for assessment year (AY) 2011-2012. 2. At the outset, when the miscellaneous application was called out for hearing, it was submitted by Sri.Amaljith, the learned counsel for the assessee, that the assessee does not wish to press it’s instant miscellaneous application. The ld.Sr.DR, Smt.Devi, on being queried in the matter, raised no objection for the same. 3. We have heard rival parties, and perused the material on record. Vide the impugned order the Tribunal has, after noting the contentions of the parties, restored the matter back to the file of the Assessing Officer (AO) to examine it’s activities and pass an order in accordance with law, taking into account the decision by the Hon'ble jurisdictional High Court in Mavilayi Service Co-operative Bank Ltd. v. CIT [2019] 414 ITR 67 (Ker)(FB)]. The rectification, sought by the assessee was in MA No.95/Coch/2021 (AY 2011-2012) Vennala Service Co-op. Bank Ltd.v. ITO 2 respect of disposal by the Tribunal of it’s Ground-1, which assailed the assessment for non-communication of the reasons recorded u/s.147, and which, as per the Tribunal, was not argued by the assessee before it. 4. We have, under the circumstances, no hesitation in, accepting the assessee’s request, permitting the withdrawal of it’s instant miscellaneous application. We decide accordingly. 5. In the result, the assessee’s instant miscellaneous application is dismissed as withdrawn. Order pronounced on July 31, 2023 under Rule 34 of The Income Tax (Appellate Tribunal) Rules, 1963 Sd/- (Manomohan Das) Sd/- (Sanjay Arora) Judicial Member Accountant Member Cochin; Dated: 31 st July, 2023 Devadas G* Copy to: 1. The Applicant. 2. The Respondent. 3. The CIT(Appeals), Kochi-2, 4. The Pr. CIT, Kochi. 5. The Sr. DR, ITAT, Cochin. 6. Guard File. By Order Asst.Registrar ITAT, Cochin