Recovery Proceedings: Kerala HC directs CIT to Decide Appeal in 2 Months

Peroorkada Service Co-Operative Bank Ltd Vs ITO (Kerala High Court) In a recent development, the Kerala High Court issued a directive to the Income Tax Commissioner regarding recovery proceedings initiated against Peroorkada Service Co-Operative Bank Ltd. The bank, engaged in providing banking services and agricultural credit to its members, had claimed income tax exemption under Section 80P of the Income Tax Act, 1961. The court’s order revolves around the speedy resolution of an appeal filed by the bank and the implications of the demand notice issued. 1. Background: Peroorkada Service...