Kerala HC Disposes of Writ Petition Assessee Request to Take up the Matter with the Assessing Authority under Section 154 of Income Tax Act. The assessee themself requested that they would proceed with the matter with the assessing authority. The Kerala HC disposed of the writ petition as per assessee’s prayer.
The assessee, Ooruttambalam Service Co operative Bank Ltd is a primary agricultural credit society registered under the Kerala Co operative Societies Act,1969. In an assessment order issued against the assessee. In the assessment order, assessee’s claim for deduction under section 80 P of the Income Tax Act was rejected on the ground that there was no evidence to show that the petitioner satisfied the ingredients of the Primary Agricultural Credit Society as contemplated under Kerala Co operative Societies Act. The assessee preferred an appeal before the Central Board of Direct Taxes.
The assessee contended before the Central Board of Direct Taxes by relying on the Supreme Court verdict in Mavilayi Service Co operative Bank Ltd v. Commissioner of Income Tax and contended that assessment order had been issued without considering the effect of the judgment.
The Central Board of Direct Taxes had ordered Revenue to consider the appeal filed by the assessee and take appropriate action on it.
The assessee approached the Kerala High Court due to not being satisfied by the assessing authority’s lack of action on the matter. After some arguments, however, the assessee contended that the assessee will approach the assessing authority under Section 154 of the Income Tax Act, 1961, for the reliefs sought in the writ petition.
The writ petition was disposed of by Justice Dinesh Kumar Singh considering the assessee’s point that he would pursue the matter under section 154 of Income Tax Act with assessing authority.
The assessee was represented by K.P.Pradeep, Hareesh M.R,. Sanand Ramakrishnan, T.T.Biju, T.Thasmi and M.J.Anoopa. Revenue was represented by P.G.Jayashankar and G.Keerthivaas.
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