THE PATTAMBI SERVICE CO-OPERATIVE BANK LTD. NO. P 585 V. THE ADDITIONAL/JOINT/DEPUTY/ASST. COMMISSIONER OF INCOME TAX/INCOME TAX OFFICER

WP(C)/5849/2021

AI Insights

The case involves the Pattambi Service Co-operative Bank, which appealed against an income tax assessment order that disallowed benefits under Section 80P(2)(a)(i) of the Income Tax Act, 1961. The bank filed a statutory appeal along with a stay petition at the National Faceless Appeal Centre, Delhi. During the pendency of the stay petition, the Income Tax Department initiated steps to recover the assessed amount. The bank sought relief from the High Court of Kerala to halt these recovery actions until the stay petition was resolved.

• Counselvise Citation: [2021] 140 COUNSELVISE.COM (IT) 691474 (HC-KERALA)
• Appeal Type: Others
• Pronouncement Date: 08-03-2021
• Assessment Year: misc
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Others
• Court: HIGH COURT
• Department Lawyers: JOSE JOSEPH
• Assessee Lawyers: HARISANKAR MENON; MEERA MENON
• Keywords: Assessment Order; Co-operative Society; Credit Facility; Income Tax; Stay Petition
• Section: 80P(2)(a)(i)

Judgement Text

"IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE A.M.BADAR MONDAY, THE 08TH DAY OF MARCH 2021 / 17TH PHALGUNA, 1942 WP(C).No.5849 OF 2021(E) PETITIONER: THE PATTAMBI SERVICE CO-OPERATIVE BANK LTD. NO. P 585 RAZMALL COMPLEX, PALLIPURAM ROAD, PATTAMBI, PALAKKAD-679 303, REPRESENTED BY ITS SECRETARY, PARAMESWARAN M BY ADVS. SRI.HARISANKAR V. MENON SMT.MEERA V.MENON RESPONDENTS: 1 THE ADDITIONAL/JOINT/DEPUTY/ASST. COMMISSIONER OF INCOME TAX/INCOME TAX OFFICER NATIONAL E-ASSESSMENT CENTRE, DELHI-110 001. 2 NATIONAL FACELSS APPEAL CENTRE, DELHI-110 001, REPRESENTED BY THE PRINCIPAL CHIEF COMMISSIONER. OTHER PRESENT: SRI.JOSE JOSEPH, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08.03.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C) No.5849/2021 2 JUDGMENT Dated this the 8th day of March 2021 Heard both sides. 2. Learned counsel for the petitioner submits that the petitioner is a co-operative society carrying on business of providing credit facility to its members. The petitioner has claimed the benefit under Section 80P(2)(a)(i) of the Income Tax Act, 1961. But the same came to be disallowed by the order at Ext.P1. Hence the petitioner has filed appeal along with stay petition before the 2nd respondent. However, during the pendency of the stay petition, steps are being taken to realise the amount so determined. 3. Learned Standing Counsel, who takes notice for the Income Tax Department, opposed the writ petition by submitting that the amount determined needs to be recovered without there being any stay to the assessment order at Ext.P1. 4. Having considered the submissions so advanced, in the facts and circumstances of the case, as statutory appeal along with stay petition is pending, this writ petition is disposed of with the following directions: W.P.(C) No.5849/2021 3 The 2nd respondent is directed to decide the stay petition filed with the statutory appeal within a period of four months from the date of communication of this judgment. The petitioner to co-operate the 2nd respondent in expeditious disposal of the stay petition. Till disposal of the stay petition, all coercive action taken for realising the amount determined by the assessment order at Ext.P1 should be kept in abeyance. The petitioner to furnish copy of the judgment to the 2nd respondent for necessary action. Sd/- A.M.BADAR JUDGE smp W.P.(C) No.5849/2021 4 APPENDIX PETITIONER'S EXHIBITS: EXHIBIT P1 COPY OF ASSESSMENT ORDER ISSUED BY THE 1ST RESPONDENT FOR THE YEAR 2018-19 DATED 9.2.2021 EXHIBIT P2 COPY OF THE SO NO 3296(E) ISSUED BY THE MINISTRY OF FINANCE, NEW DELHI DATED 25.9.2020 EXHIBIT P2 (a) COPY OF THE SO NO 3297 (E) ISSUED BY THE MINISTRY OF FINANCE, NEW DELHI DATED 25.9.2020 EXHIBIT P3 COPY OF THE APPEAL FILED BY THE PETITIONER BEFORE THE 2ND RESPONDENT DATED 16.2.2021 EXHIBIT P3 (a) COPY OF STAY PETITION FILED BY THE PETITIONER BEFORE THE ADDITIONAL/JOINT/ASSISTANT COMMISSIONER OF INCOME TAX, COMMISSIONER OF INCOME TAX (APPEALS), NATIONAL FACELESS ASSESSMENT CENTRE, DELHI DATED 16.2.2021 EXHIBIT P4 COPY OF THE ORDER OF THIS HON'BLE COURT IN WPC NO 3078/2021 DATED 8.2.2021 RESPONDENTS' EXHIBITS: NIL. True Copy P.S to Judge smp "