Wp(C)/11009/2012 Of Kerala Financial Corporation v. Commissioner Of Income Tax (Appeals)

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT: THE HONOURABLE MR.JUSTICE K.VINOD CHANDRAN FRIDAY, THE 11TH DAY OF MAY 2012/21ST VAISAKHA 1934 WP(C).No. 11009 of 2012(A) -------------------------- PETITIONER: ------------- KERALA FINANCIAL CORPORATION REP.BY ITS CHIEF MANAGER BRANCH OFFICE KALOOR COCHIN 682017 BY ADV. SRI.MOLLY JACOB, SC, KERALA FINANCIAL CO RESPONDENTS: -------------- 1. COMMISSIONER OF INCOME TAX (APPEALS) 2ND FLOOR AAYAKAR BHAVAN KOWDIAR THIRUVANANTHAPURAM 695003 2. THE JOINT COMMISSIONER OF INCOME TAX RANGE 1 2ND FLOOR AAYAKAR BHAVAN KOWDIAR THIRUVANANTHAPURAM 695003 3. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE (1) THIRUVANANTHAPURAM O/O. THE ADDL.COMMISSIONER OF INCOME TAX RANGE 1 AAYAKAR BHAVAN, KOWDIAR, THIRUVANANTHAPURAM 695003 THIRUVANANTHAPURAM O/O. THE ADDL.COMMISSIONER OF INCOME TAX RANGE 1 AAYAKAR BHAVAN, KOWDIAR, THIRUVANANTHAPURAM 695003 BY SRI.JOSE JOSEPH, SC, FOR INCOME TAX THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON11-05-2012, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 11009 of 2012(A) APPENDIX PETITIONER'S EXHIBITS: EXT.P1: TRUE COPY OF THE ORDER DATED 31.12.2010 OF THE 2NDRESPONDENT ASSESSING TAXABLE INCOME AS ` 45,54,15,831/-RESPONDENT ASSESSING TAXABLE INCOME AS ` 45,54,15,831/-EXT.P2: TRUE COY OF THE ORDER DT. 6.6.2011UNDER SECTION 154 OFTHE INCOME TAX, 1961THE INCOME TAX, 1961EXT.P3: TRUE COPY OF THE LETTER DATED 21.10.2011 ISSUED BY THE3RD RESPONDENT3RD RESPONDENTEXT.P4: TRUE COPY OF THE APPEAL BEFORE THE 1ST RESPONDENT ASPROVIDED UNDER SECTION 246(a) OF THE INCOME TAXACT,1961PROVIDED UNDER SECTION 246(a) OF THE INCOME TAXACT,1961EXT.P5: TRUE COPY OF THE PETITION FOR STAYING THE DEMAND ASPER EXHIBITS P1 TO P3PER EXHIBITS P1 TO P3EXT.P6: TRUE COPY OF THE JUDGMENT DT. 18.01.2012 IN W.P(C)669 OF2012 PASSED BY THIS HON'BLE COURT.2012 PASSED BY THIS HON'BLE COURT.EXT.P7: TRUE COPY OF THE ORDER DT. 2.4.2012 OF THE 1STRESPONDENTRESPONDENTEXT.P8: TRUE COY OF THE ORDER DT. 10.4.2012 PASSED BY THEASSESSING OFFICERASSESSING OFFICEREXT.P9: PHOTOCOPY OF THE NOTICE ASSESSING INCOME OF RS.5,78,34,908/-5,78,34,908/- RESPONDENTS' EXHIBITS: NIL //TRUE COPY// P.A. TO JUDGE K. VINOD CHANDRAN, J - - - - - - - - - - - - -- - - - - - - - - - - - - - - - W.P(C) No. 11009 OF 2012 - - - - - - - - - - - - - - - - - - - - - - - - - - - - Dated this the 11[th] day of May, 2012 J U D G M E N T The petitioner is aggrieved by the disposal of stay application in the appeal filed by the petitioner by Ext.P7directing payment of 50% of the demand excluding thedemand of bad debts. The petitioner contends that thepetitioner has an excellent case in appeal and the appeal itselfhas to be considered expeditiously in which event the demandwould not be sustainable at all. The learned StandingCounsel for the Revenue opposes the prayer and points outthat the demand was reduced to only 50% of the actualamounts due, which itself is substantial reduction. In the factsand circumstances of the case as also noticing the fact that thepetitioner is a statutory corporation, I feel that there can besome modification regarding the condition. It is directed thatthe recovery steps shall be kept in abeyance on the petitionerpaying `1.5 crores within a period of three months startingfrom 15.6.2012. Writ petition is disposed of as above. Sd/- (K. VINOD CHANDRAN, JUDGE)