Wp(C)/3620/2019 Of The Karannur Service Co-Operative Bank Limited v. Income Tax Officer

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE A.MUHAMED MUSTAQUE THURSDAY, THE 07TH DAY OF FEBRUARY 2019 / 18TH MAGHA, 1940WP(C).No.3620 of 2019 PETITIONER/S: THE KARANNUR SERVICE CO-OPERATIVE BANK LIMITED,ELATHUR P.O, KOZHIKODE-673 303 BY MERCY M.C., SECRETARY. BY ADVS.SRI.P.RAGHUNATHSRI.PREMJIT NAGENDRAN RESPONDENT/S: BY SRI.CHRISTOPHER ABRAHAM, SC, IT THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07.02.2019, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No.3620/2019 2 JUDGMENT The petitioner is a Co-operative Bank. They preferred appeals before the thirdrespondent. The petitioner was directed todeposit Rs.12 Crores as a condition for stayin two appeals. The petitioner had alreadypaid Rs.50 lakhs. The petitioner submits thatif that amount is paid, the entire business ofthe Bank would come to a halt. 2. The learned Standing Counsel appearingfor the respondents opposed the prayers in thewrit petition and would submit that thediscretion exercised by the third respondentshall not be interfered by this Court. 3.I have gone through the entire materials. The petitioner’s Bank is a Co-operative Bank having its operation within thelimited jurisdiction in Calicut. I also agreewith the learned senior counsel appearing forthe petitioner that such huge amount is liableto be paid, the petitioner’s Bank will have toclose the business. However, at the same time,there cannot be an absolute stay without any condition. Taking note of the overall facts andcircumstances, I am of the view that theimpugned order has to be modified bysubstituting payment of sum of Rs.2 Crores intwo instalments starting from 25.2.2019 andfollowed by 25.3.2019 The appeals shall alsobe disposed within an outer limit of fourmonths. The writ petition is disposed of asabove. Sd/- A.MUHAMED MUSTAQUE JUDGE ln WP(C).No.3620/2019 4 APPENDIX PETITIONER'S/S EXHIBITS: EXHIBIT P1PHOTOCOPY OF ASSESSMENT ORDER DT. 13.12.2017 FOR 2015-16. EXHIBIT P2 PHOTOCOPY OF PENALTY ORDER DT. 26.07.2018 U/S 271D R/W SEC. 269SS FOR 2015-16.271D R/W SEC. 269SS FOR 2015-16. EXHIBIT P3 PHOTOCOPY OF PENALTY ORDER DT. 26.7.2018 U/S 271E, R/W SEC . 269T FOR 2015-16.271E, R/W SEC . 269T FOR 2015-16. EXHIBIT P4EXHIBIT P5EXHIBIT P6EXHIBIT P7EXHIBIT P8EXHIBIT P5EXHIBIT P6EXHIBIT P7EXHIBIT P8 PHOTOCOPY OF APPEAL FILED AGAINST EXT. P2. PHOTOCOPY OF APPEAL FILED AGAINST EXT. P3. PHOTOCOPY OF STAY PETITION IN EXT. P4 APPEAL.PHOTOCOPY OF STAY PETITION IN EXT. P5 APPEAL.PHOTOCOPY OF STAY PETITION IN EXT. P5 APPEAL. PHOTOCOPY OF ORDER ON EXT. P6 STAY PETITION. EXHIBIT P9 PHOTOCOPY OF ORDER ON EXT. P7 STAY PETITION.PHOTOCOPY OF CHALAN DT. 30.01.2019 FOR RS. 10 LAKHS.PHOTOCOPY OF CHALAN DT. 30.01.2019 FOR RS. 10 LAKHS. EXHIBIT P10 EXHIBIT P11EXHIBIT P12 PHOTOCOPY OF CHALAN DT. 30.01.2019 FOR RS. 20 LAKHS PHOTOCOPY OF CHALAN DT. 30.12.2019 FOR RS. 20 LAKHS. RESPONDENTS EXHIBITS:NIL. //TRUE COPY// P.A.TO JUDGE