Erroneous Assessment Ignoring SC Judgment Cannot Be Trivialized: Kerala HC

Vallapuzha Service Co-Operative Bank Ltd Vs ITO (Kerala High Court) The Kerala High Court has intervened in a case where the Vallapuzha Service Co-operative Bank Ltd chal-lenged an assessment order issued by the Income Tax Officer under Section 143(3) of the Income Tax Act, 1961. The petitioner, a Primary Agricultural Credit Society, had filed a return declaring nil taxable income for the assessment year 2023-24. However, the assessment order, Exhibit-P7, imposed a significant tax liability of ₹1,59,63,972 on the bank. The primary grievance of the petitioner was that the as-sessing authority...