Case Law Details
Kadavalloor Service Co-Operative Bank Ltd. Vs ITO (Kerala High Court)
Introduction: In the case of Kadavalloor Service Co-Operative Bank Ltd. vs. ITO, the Kerala High Court addressed writ petitions filed by an Agricultural Credit Co-operative Society under Article 226 of the Constitution of India. The petitions challenged assessment orders and the initiation of penalty proceedings by the Income Tax Department. The court’s decision and order are presented below.
Assessment Orders: The petitioner, an Agricultural Credit Co-operative Society, had received assessment orders under Section 144 of the Income Tax Act, 1961, for the assessment year 2008-2009 (W.P.(C.) No.31648/2023) and under Section 143(3) for the assessment year 2010-11 (W.P.(C.) No.31660/2023).
Penalty Proceedings: In addition to the assessment orders, penalty proceedings were initiated under Sections 271F, 271B, and 271(1)(C).
Appellate Process: The petitioner challenged the assessment orders before the Commissioner of Income Tax Appeals, but the appeals were dismissed. Subsequently, the petitioner filed appeals under Section 253 before the Income Tax Appellate Tribunal (ITAT) for both assessment years.
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