Kerala High Court
M/S. Tellicherry Public Servants ... vs The Commissioner Of Income Tax on 18 February, 2021
I.T.Appeal No.136 of 2016 1
IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR.JUSTICE S.V.BHATTI
&
THE HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS
THURSDAY, THE 18TH DAY OF FEBRUARY 2021 / 29TH MAGHA,1942
ITA.No.136 OF 2016
AGAINST THE ORDER IN ITA 329/2015 DATED 03-09-2015 OF
I.T.A.TRIBUNAL,COCHIN BENCH
APPELLANT:
M/S. TELLICHERRY PUBLIC SERVANTS CO-OPERATIVE BANK
LTD.
M.G.ROAD, THALASSERY, KANNUR 670 001, REPRESENTED
BY ITS SECRETARY SHRI.ANANDAPRASAD.M
BY ADVS.
SRI.T.M.SREEDHARAN (SR.)
SMT.DIVYA RAVINDRAN
SRI.V.P.NARAYANAN
RESPONDENT:
THE COMMISSIONER OF INCOME TAX
1ST FLOOR, AAYAKAR BHAVAN, NEW ANNEX BUIDING, NORTH
BLOCK, MANANCHIRA, KOZHIKODE 673 001.
OTHER PRESENT:
SC - SRI. CHRISTOPHER ABRAHAM
THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON
18.02.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
ITA No.136 of 2016 2
JUDGMENT
Dated this the 18th day of February 2021
S.V.Bhatti, J.
Heard Adv.Nisha holding for Adv.V.P.Narayanan for the
appellant and Sri Christopher Abraham, learned Standing Counsel for
the Income Tax Department.
2. The appellant claims to be a Society established and registered
under the provisions of the Kerala Co-operative Societies Act, 1969.
The appellant is classified/categorised as a Primary Credit Society by
the Joint Registrar of Co-operative Societies, Kannur under Act 1969.
3. The case of appellant is that the income of a Co-operative
Society engaged in carrying on the business of banking for providing
credit facilities to its members, and the income derived therefrom is
exempted from payment of income tax under Section 80P(2)(a)(i) of
the Income Tax Act, 1961. Section 80(P)(4) provides for total exclusion
of provisions of the Act in so far as Primary Agricultural Credit
Societies are concerned. The restrictions contained in Section 80(P)(4)
are not applicable to Primary Agricultural Credit Society. The instant
appeal deals with the order of assessment made for the assessment year
2010-2011. The claim of appellant for exemption under Section 80(P)
was denied by the Assessing Officer under the Act. Hence the
appeal.
4. The counsel appearing for the appellant as well as the
respondent would state that the issues considered by the orders
impugned in the appeal are no more res integra and are covered in
favour of the assessee by the judgment of the Apex Court in
Mavilayi Service Co-operative Bank Ltd. and others v Commissioner
of Income Tax and another1. The statement is placed on record and
accepted.
5. By following the dictum of the Hon'ble Supreme Court in
the decision referred to above, the orders under appeal in Ann.A
dt.21.03.2013, Ann.B dt.17.03.2015 and Ann.C dt.3.9.2015 are set
aside.
The appeal allowed accordingly. No order as to costs.
Sd/- S.V.BHATTI
JUDGE
Sd/- BECHU KURIAN THOMAS
JUDGE
css/
1 [2021] 431 ITR 1 (SC)
APPENDIX
PETITIONER'S EXHIBITS:
ANNEXURE A TRUE COPY OF THE ASSESSMENT ORDER DATED
21.3.2013 PASSED U/S 143(3) OF THE ACT
ALONG WITH COMPUTATION OF INCOME BY THE
INCOME TAX OFFICER, WARD-2, KANNUR.
ANNEXURE B TRUE COPY OF THE APPELLATE ORDER IN
I.T.A.NO.127/KNR/CIT/CLT/2013-2014 DATED
17.3.2015 PASSED BY THE COMMISSIONER OF
INCOME TAX (APPEALS)KOZHIKODE.
ANNEXURE C TRUE COPY OF THE ORDER OF THE INCOME TAX
APPELLATE TRIBUNAL, COCHIN BENCH IN I.T.A.
NO.329/COCH/2015 DATED 3.9.2015.
