Kerala State Co-Operative Bank Ltd vs Union Of India
2024 Latest Caselaw 9879 Ker

Kerala High Court

Kerala State Co-Operative Bank Ltd vs Union Of India on 5 April, 2024

Author: Dinesh Kumar Singh

Bench: Dinesh Kumar Singh

               IN THE HIGH COURT OF KERALA AT ERNAKULAM
                               PRESENT
            THE HONOURABLE MR. JUSTICE DINESH KUMAR SINGH
        FRIDAY, THE 5TH DAY OF APRIL 2024 / 16TH CHAITHRA, 1946
                       WP(C) NO. 34123 OF 2022
PETITIONER:

            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.


RESPONDENTS:

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

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

            BY ADVS.
            K.SUDHINKUMAR

            SRI. P.R. AJITH KUMAR, SC


     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
05.04.2024, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C) NO. 34123 OF 2022                    2


                                    JUDGMENT

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.

2. 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.

3. 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

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.

With the above directions, the present writ petition stands

finally disposed of.

Sd/-

DINESH KUMAR SINGH JUDGE Sru

APPENDIX OF WP(C) 34123/2022

PETITIONER'S EXHIBITS Exhibit1 TRUE COPY OF THE ITR FILED BY THE KASARGOD DISTRICT CO-OPERATIVE BANK FOR AY 2020-2021 DATED 14-01-2021.

Exhibit-P2 TRUE COPY OF THE ITR FILED BY THE KANNUR DISTRICT CO-OPERATIVE BANK FOR AY 2020-2021 DATED 14-02-2021.

Exhibit-P3 TRUE COPY OF THE ITR FILED BY THE WAYANAD DISTRICT CO-OPERATIVE BANK FOR AY 2020-2021 DATED 17-12-2020.

Exhibit-P4 TRUE COPY OF THE ITR FILED BY THE KOZHIKODE DISTRICT CO-OPERATIVE BANK FOR AY 2020-2021 DATED 29-03-2022.

Exhibit-P5 TRUE COPY OF THE ITR FILED BY THE PALAKKAD DISTRICT CO-OPERATIVE BANK FOR AY 2020-2021 DATED 14-01-2021.

Exhibit-P6 TRUE COPY OF THE ITR FILED BY THE THRISSUR DISTRICT CO-OPERATIVE BANK FOR AY 2020-2021 DATED 15-02-2021.

Exhibit-P7 TRUE COPY OF THE ITR FILED BY THE ERNAKULAM DISTRICT CO-OPERATIVE BANK FOR AY 2020-2021 DATED 08-02-2021.

Exhibit-P8 TRUE COPY OF THE ITR FILED BY THE KOTTAYAM DISTRICT CO-OPERATIVE BANK FOR AY 2010-2021 DATED 19-01-2021.

Exhibit-P9 TRUE COPY OF THE ITR FILED BY THE ALAPPUZHA DISTRICT CO-OPERATIVE BANK FOR AY 2020-2021 DATED 21-01-2021.

Exhibit-P10 TRUE COPY OF THE ITR FILED BY THE IDUKKI DISTRICT CO-OPERATIVE BANK FOR AY 2020-2021 DATED 22-12-2020.

Exhibit-P11 TRUE COPY OF THE ITR FILED BY THE PATHANAMTHITTA DISTRICT CO-OPERATIVE BANK FOR AY 2020-2021 DATED 28-12-2020.

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.