The Kerala High Court stayed the recovery proceedings under the assessment order passed under the Income Tax Act, 1961 till the final order was passed on the application for the stay which was filed by the Cooperative Society against the Income Tax Appellate Authority ( ITAT ) order.
The Chirayinkeezhu Service Co-Operative Bank Ltd, the Petitioner suffered from an order of assessment for the assessment year 2017-18. The appeal filed by the petitioner before the order dismissed the first Appellate Authority. The petitioner has now filed an appeal together with an application for stay and an application for condonation of delay before the Income Tax Appellate Tribunal.
The only limited relief now sought by the petitioner is to stay the recovery of amounts found payable by the petitioner in terms of the order of assessment as modified/confirmed by the order of the Appellate Authority, pending consideration of the delay petition and stay petition, before the ITAT.
Justice Gopinath P disposed of the writ petition directing the Income Tax Appellate Tribunal to consider and pass orders on the stay petition and on the application for condonation of delay filed in appeal, within three months.
Further held that till orders are passed, any proceedings for recovery of the amounts found payable by the petitioner in terms of assessment order as modified/confirmed shall be kept in abeyance.
Arjun Raghavan, T R Harikumar and Pooja Pankaj appeared for the Petitioner. P G Jayashankar and Sri P G Jaya Shankar appeared for the respondent.
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