Partly allowed

Kerala State Co-Operative Bank Ltd. v. Union of India

Kerala HC5 Apr 2024WP(C)/34123/2022

Case brief

AI extract

What is this about?

The High Court of Kerala delivered a conditional stay on income tax demand notices (Exts.P16, P18) pending hearing of a stay petition before the ITAT. The petitioner was granted three months to remit 30% of the tax and file a stay petition within ten days.

What did the court decide?

Temporary stay on Exts.P16 and P18 for three months, conditional on remit of 30% tax and filing of stay petition before ITAT within 10 days.

Kerala State Co-Operative Bank Ltd. Vs Union of India — Income Tax | Kerala HC (2024)

¶1

IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT

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THE HONOURABLE MR. JUSTICE DINESH KUMAR SINGH
FRIDAY, THE 5TH DAY OF APRIL 2024 / 16TH CHAITHRA, 1946
WP(C) NO. 34123 OF 2022

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PETITIONER:

¶5

KERALA STATE CO-OPERATIVE BANK LTD
REPRESENTED BY ITS MANAGING DIRECTOR, COBANK TOWERS,
PALAYAM, THIRUVANANTHAPURAM, PIN – 695003.
BY ADVS.
B.G.HARINDRANATH
AMITH KRISHNAN H.
M.GOPIKRISHNAN
SARAYOO S.

¶6

RESPONDENTS:

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1 UNION OF INDIA REPRESENTED BY THE SECRETARY, MINISTRY OF FINANCE, NORTH BLOCK, RAISANA HILL, NEW DELHI-110001.

¶8

2THE COMMISSIONER OF INCOME TAX (TDS),
AYAKAR BHAVAN, KOWDIAR, THIRUVANANTHAPURAM- 695003,
PIN – 695003.

¶9

BY ADVS.
K.SUDHINKUMAR

¶10

SRI. P.R. AJITH KUMAR, SC

¶11

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
05.04.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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WP(C) NO. 34123 OF 2022 2

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JUDGMENT

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The petitioner has filed this writ petition impugning Exts.P16 and P18 demand notices issued in pursuance to Ext.P17 assessment order passed on 26.9.2022 under Section 143(3) r/w Section 144 B of the Income Tax Act, 1961 in respect of the assessment year 2020-21. The total tax assessed and payable is Rs.7,01,36,76,298/-. Challenge to the Assessment Order before the Commissioner of Income Tax (Appeals) has been unsuccessful. The petitioner had deposited 20% of the assessed tax during the pendency of the appeal before the Commissioner of Income Tax (Appeals). However, once the appeal was dismissed by the Commissioner of Income Tax (Appeals), the petitioner has filed second appeal before the Income Tax Appellate Tribunal. However, no stay petition has been filed.

¶15

The learned counsel for the petitioner submits that the petitioner will file a stay petition before the Income Tax Appellate Tribunal within ten days from today.

¶16

If the stay petition is filed within ten days from today, the Income Tax Appellate Tribunal will take up the stay petition having its disposal expeditiously within a period of three months. For a period of three months, the impugned Exts.P16 and P18

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WP(C) NO. 34123 OF 2022 3

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notices shall not be given effect subject to the petitioner remitting 30% more of the total tax assessed within a period of ten days from today. If the petitioner fails to file the stay petition or does not remit 30% of the tax assessed, the authority is free to enforce the recovery notices namely Exts.P16 and P18.

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With the above directions, the present writ petition stands finally disposed of.

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Sd/-

¶21

DINESH KUMAR SINGH JUDGE

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Sru

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WP(C) NO. 34123 OF 2022 4

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APPENDIX OF WP(C) 34123/2022

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PETITIONER’S EXHIBITS
Exhibit1TRUE COPY OF THE ITR FILED BY THE KASARGOD
DISTRICT CO-OPERATIVE BANK FOR AY 2020-2021
DATED 14-01-2021.
Exhibit-P2TRUE COPY OF THE ITR FILED BY THE KANNUR
DISTRICT CO-OPERATIVE BANK FOR AY 2020-2021
DATED 14-02-2021.
Exhibit-P3TRUE COPY OF THE ITR FILED BY THE WAYANAD
DISTRICT CO-OPERATIVE BANK FOR AY 2020-2021
DATED 17-12-2020.
Exhibit-P4TRUE COPY OF THE ITR FILED BY THE KOZHIKODE
DISTRICT CO-OPERATIVE BANK FOR AY 2020-2021
DATED 29-03-2022.
Exhibit-P5TRUE COPY OF THE ITR FILED BY THE PALAKKAD
DISTRICT CO-OPERATIVE BANK FOR AY 2020-2021
DATED 14-01-2021.
Exhibit-P6TRUE COPY OF THE ITR FILED BY THE THRISSUR
DISTRICT CO-OPERATIVE BANK FOR AY 2020-2021
DATED 15-02-2021.
Exhibit-P7TRUE COPY OF THE ITR FILED BY THE ERNAKULAM
DISTRICT CO-OPERATIVE BANK FOR AY 2020-2021
DATED 08-02-2021.
Exhibit-P8TRUE COPY OF THE ITR FILED BY THE KOTTAYAM
DISTRICT CO-OPERATIVE BANK FOR AY 2010-2021
DATED 19-01-2021.
Exhibit-P9TRUE COPY OF THE ITR FILED BY THE ALAPPUZHA
DISTRICT CO-OPERATIVE BANK FOR AY 2020-2021
DATED 21-01-2021.
Exhibit-P10TRUE COPY OF THE ITR FILED BY THE IDUKKI
DISTRICT CO-OPERATIVE BANK FOR AY 2020-2021
DATED 22-12-2020.
Exhibit-P11TRUE COPY OF THE ITR FILED BY THE
PATHANAMTHITTA DISTRICT CO-OPERATIVE BANK FOR
AY 2020-2021 DATED 28-12-2020.

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`WP(C) NO. 34123 OF 2022 5` `Exhibit-P12` `TRUE COPY OF THE ITR FILED BY THE KOLLAM` `DISTRICT CO-OPERATIVE BANK FOR AY 2020-2021` `DATED 31-03-2021.`
`Exhibit-P13` `TRUE COPY OF THE ITR FILED BY THE` `THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK` `FOR AY 2020-2021 DATED 13-02-2021.`
`Exhibit-P14` `PROVISIONS DISALLOWED FOR COMPUTATION OF` `BUSINESS INCOME ON THE MERGER DATE, NAMELY` `29-11-2019.`
`Exhibit-P15` `BUSINESS INCOME COMPUTATION FOR ALL 13 DCBS` `FOR PERIOD ENDING 29-11-2019 FOR AY 2020-21.`
`Exhibit-P16` `TRUE COPY OF THE DEMAND NOTICE ISSUED BY THE` `2ND RESPONDENT DATED 26-09-2022.`
`Exhibit-P17` `ASSESSMENT ORDER ISSUED BY THE 2ND RESPONDENT` `DATED 26-09-2022.`
`Exhibit P17` `ASSESSMENT ORDER DATED 26-09-2022.`
`Exhibit P18` `A TRUE COPY OF THE DEMAND NOTICE DATED` `21.03.2024.`
`Exhibit P19` `A TRUE COPY OF THE APPEAL MEMORANDUM DATED` `30.01.2024.`
`Exhibit P20` `A TRUE COPY OF THE RECTIFICATION PETITION.`

Kerala State Co-Operative Bank Ltd. v. Union of India

Case brief

What is this about?

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Kerala State Co-Operative Bank Ltd. v. Union of India

Case brief

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