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2021 (7) TMI 1105 - HC - Income TaxStay of demand - Recovery proceedings - Deduction u/s 80P denied - Assessing Officer has communicated to the petitioners that the petitioners should pay 20% of the demand and then apply for stay of demand -HELD THAT:- In the matter of Mavilayi Service Co-operative Bank Ltd.[2019 (3) TMI 1580 - KERALA HIGH COURT] the question regarding liability of the co-operative societies to pay the income tax assess was decided. The Division Bench of this Court relying on the said judgment in THE ANGADIPPURAM SERVICE CO-OPERATIVE BANK [2019 (7) TMI 375 - KERALA HIGH COURT], has quashed the action on the part of respondents with the direction that the Commissioner of the Income Tax should consider and dispose of the statutory appeals filed by the appellant co-operative societies at the earliest taking note of Full Bench decision in the matter of Mavilayi Service Co-operative Bank Ltd. and till then the recovery and collection of taxes should be kept in abeyance In this view of the matter, in the light of ratio of judgment of this Court, in the matter of The Angadipuram Service Co-operative Bank Ltd. v. The Commissioner of Income Tax (Appeals), the writ petitions are allowed. The 2nd respondent is directed to decide the pending appeals expeditiously and till then the respondents are directed to keep the recovery proceedings pursuant to the assessment order in abeyance.
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