Allowed
The Payyannur Co-Operative Rural Bank Ltd. v. Commissioner of Income Tax
Kerala HCITA/47/2016
Case brief
AI extract
What is this about?
Two income tax appeals filed by the Payyannur Co-operative Rural Bank Ltd. against the ITAT orders for assessment years 2009-10 and 2011-12. The High Court disposed of the matter by citing a prior judgment (Chirakkal Service Cooperative Bank Ltd. case) where the same question was answered in favor of the assessee, thereby deciding the current appeals identical. Outcome favorable to appellant.
What did the court decide?
Appeals allowed; Court decision in favor of the assessee (appellant) relying on precedent.