Legal Error Ignoring Binding SC Judgment Cannot Be Corrected Through Appellate Remedies

Poonjar Service Co-Operative Bank Ltd. Vs ITO (Kerala High Court) In Poonjar Service Co-Operative Bank Ltd. vs ITO, the Kerala High Court addressed the validity of an income tax assessment order for the assessment year 2018–19. The petitioner, a Primary Agricultural Credit Society (PACS), had challenged the assessment on the grounds that the Assessing Officer ignored the binding precedent set by the Supreme Court in Mavilayi Service Co-operative Bank Ltd. vs CIT. In that judgment, the Supreme Court clarified the interpretation of Section 80P(2) and (4) of the Income Tax Act, affirming that a...