Wp(C)/5480/2017 Of The Chavakkad Service Co-Operative Bank Ltd v. The Commissioner Of Income Tax (Appeals)

IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT:- THE HONOURABLE MR.JUSTICE K.VINOD CHANDRAN MONDAY, THE 13TH DAY OF MARCH 2017/22ND PHALGUNA, 1938 W.P(C).No.5480 of 2017(H) -------------------------------- PETITIONER(S):- --------------- THE CHAVAKKAD SERVICE CO-OPERATIVE BANK LTD., CHAVAKKAD, THRISSUR, REPRESENTED BY ITS SECRETARY BY ADV. SRI.O.D.SIVADAS. RESPONDENT(S):- ---------------- 1. THE COMMISSIONER OF INCOME TAX (APPEALS), AYAKAR BHAVAN, THRISSUR - 680001. AYAKAR BHAVAN, THRISSUR - 680001. 2. THE INCOME TAX OFFICER, WARD (1) GURUVAYOOR - 680101. R1-R2 BY SENIOR COUNSEL FOR GOI(TAXES) SRI.P.K.R.MENON. R1-R2 BY STANDING COUNSEL FOR GOI (TAXES) SRI.JOSE JOSEPH. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13-03-2017, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P(C).No.5480 of 2017 (H) --------------------------- APPENDIX PETITIONER(S)' EXHIBITS:------------------------- RESPONDENT(S)' EXHIBITS:- -------------------------NIL. Vku/-[ true copy ] K. Vinod Chandran, J ---------------------------------------- W.P.(C).No.5480 of 2017-H ----------------------------------------- Dated this the 13[th] day of March, 2017 JUDGMENT The petitioner is aggrieved with the assessment orderpassed at Exhibit P1 and has approached this Court againstthe conditional stay order at Exhibit P5. The petitioner contendsthat the issue is covered by a decision of the High Court ofKarnataka, Dharwad Bench, in I.T.A.No.100069/2016 dated05.01.2017. 2. The issue is as to the petitioner's exemption being treated as a Primary Agricultural Co-operative Society underSection 80B of the Income Tax Act, 1961 and whether “incomefrom other sources” would be eligible for such exemption. It isalso submitted that the Tribunal has, in similar matters, heldagainst the assessees and that the matter is pending beforethis Court. 3. In the above circumstances, there shall be amodification to Exhibit P5 to the extent of directing the petitionerto make payment of 25% of the amounts demanded within aperiod of one month from today and in that event, the appealshall be disposed of and recovery kept in abeyance till then. The writ petition is disposed of as above. vku/- Sd/-K.Vinod ChandranJudge. [ true copy ]