Wp(C)/1220/2024 Of M/S. Thuruthipuram Service Co-Operative Bank Ltd v. The Income Tax Officer, Corporate Ward

IN THE HIGH COURT OF KERALA AT ERNAKULAMPRESENT THE HONOURABLE MR. JUSTICE DINESH KUMAR SINGH THURSDAY, THE 11 DAY OF JANUARY 2024 / 21ST POUSHA, 1945WP(C) NO. 1220 OF 2024 PETITIONER/S: M/S. THURUTHIPURAM SERVICE CO-OPERATIVE BANK LTD. NO.1789,THURUTHIPURAM P.O., PUTHENVELLIKARA, ERNAKULAM-680667, REPRESENTED BY ITS SECRETARY, SHYMA. BY ADVS.M.M.MONAYEV.P.NARAYANANM.PAUL VARGHESEK.V.SANOSHANJANA SUGUNAN RESPONDENT/S: 1THE INCOME TAX OFFICER, CORPORATE WARD ,CENTRAL REVENUE BUILDING, IS PRESS ROAD, ERNAKULAM, PIN - 6820182THE ASSESSMENT UNIT NATIONAL E-ASSESSMENT CENTER,INCOME TAX DEPARTMENT, MINISTRY OF FINANCE, ROOM NO. 401, 2ND FLOOR, E-RAMP, JAWAHARLAL STADIUM, NEW DELHI-110003,REPRESENTED BY COMMISSIONER OF INCOME TAX.3THE DEPUTY COMMISSIONER OF INCOME TAX /JOINT COMMISSIONER OF INCOME TAX (APPEALS),INCOME TAX DEPARTMENT, NATIONAL FACELESS APPELLATECENTER, NEW DELHI, PIN - 110003 THIS WRIT PETITION (CIVIL) HAVING COME UP FORADMISSION ON 11.01.2024, THE COURT ON THE SAME DAYDELIVERED THE FOLLOWING: J U D G M E N T The present writ petition has been filed,inter alia seeking a relief in the nature ofwrit/direction to the 3[rd] respondent to decideappeal and stay petition at Exts.P2 and P3,respectively, filed against the assessment order inExt.P1 for the assessment year 2020-21,expeditiously. 2.The petitioner filed return of its incomefor the assessment year 2020-21 on 6.1.2021. Thecase of the petitioner/assessee was selected forcomplete scrutiny under CASS to verify, the claimof any other amount allowable as deduction inSchedule BP, high creditors/liabilities anddeduction under Section 80P. 3.A notice under Section 143(2) of theIncome Tax Act, 1961 ('Act', for short) dated29.6.2021 was served on the petitioner.Thereafter, notices under Section 142(1) of the Act dated 3.12.2021 and 7.2.2022 were issued. Theassessing authority denied the petitioner's claimfor deduction of interest earned by it on deposits.The petitioner's interest income has been assessedat Rs.18,17,072/- under Sections 143(3) read with144B of the Act. Interest has been charged.Penalty proceedings under Section 270A of the Acthas been directed to be initiated against thepetitioner. 4.The petitioner is aggrieved by theassessment order as stated above. This Court wouldnot like to exercise parallel jurisdiction with theappellate authority for granting an interim orderas prayed for by the learned counsel for thepetitioner. 5.In view thereof, the present writ petitionis disposed of with direction to the 3[rd] respondentto consider and pass appropriate orders, inaccordance with law, on the stay petition, Ext.P3, 4 expeditiously, preferably within a period of twomonths. Pending interlocutory application, if any, inthe present writ petition stands dismissed. jg Sd/- DINESH KUMAR SINGH JUDGE APPENDIX OF WP(C) 1220/2024 PETITIONER EXHIBITS Exhibit P1A TRUE COPY OF THE ASSESSMENT ORDER ALONG WITH THE DEMAND DATED 27.09.2022 ISSUED BY THE 2ND RESPONDENT FOR AY 2020-21 Exhibit P2THE TRUE COPY OF THE MEMORANDUM OF APPEAL INFORM NO. 35 FOR THE ASSESSMENT YEAR 2020-21 DATED 28.10.2022 FILED BEFORE THE 3RD RESPONDENT Exhibit P3THE TRUE COPY OF THE STAY PETITION FILED BY THE PETITIONER BEFORE THE 3RD RESPONDENT DATED 28-10-2022 Exhibit P4THE TRUE COPY OF CONDONATION OF DELAY PETITION FILED BY THE PETITIONER BEFORE THE 3RD RESPONDENT DATED 28-10-2022 Exhibit P5THE TRUE COPY OF THE NOTICE ISSUED BY THE 1ST RESPONDENT DATED 25.12.2023 FOR AY 2020-21