TMI Blog2018 (5) TMI 1491X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee is likely to be crippled and in that event, the customers of the petitioner including their depositors would also suffer - thus assessee to pay 20% of the demand in 6 equal monthly instalments - decided partly in favor of assessee - W.P.(C) No. 9125 of 2018 - - - Dated:- 22-5-2018 - MR. P. B. SURESH KUMAR, J. For The Petitioner : Sri.C. A. Jojo, Sri. Jacob Chacko And Sri.Mathews Joseph For The Respondent : Sri. Christopher Abraham, SC JUDGMENT Petitioner is a primary agricultural credit cooperative society, registered under the Kerala Co-operative Societies Act, 1969 and an assessee under the Income Tax Act (the Act) on the rolls of the first respondent. The petitioner filed return for the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he District Co 3 operative Banks was also declined by the assessing officer while revising the assessment. In addition, the assessing officer has brought to tax an amount of ₹ 27,67,41,372/- as unexplained cash credits under Section 68 of the Act. In Ext.P7 order, the appellate authority took the view that the petitioner has made out in the appeal a prima facie case only as regards the first two grounds and it is on account of the said reason that the appellate authority confined the stay to 50% of the demand. In so far as Ext.P4 appeal is still pending, the only point arises for consideration is whether the petitioner has made out a prima facie case as regards the decision of the assessing officer to bring to tax the unexplained cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... petitioner is entitled to the benefit of exemption in respect of the said income under section 80P(2)(a)(i). 6. Ext.P8, of course, is a decision rendered in an identical matter. Ext.P8 is seen rendered solely relying on the decisions of ITAT, Nagpur and ITAT, Pune in the matters referred to by the learned counsel for the petitioner, of which, the issue in the decision rendered by ITAT, Pune was whether the income brought to tax on account of disallowance of expenditure is entitled to exemption under section 80P(2)(a)(i) of the Act which has nothing to do with Ext.P8 case. Of course the issue in the decision of the ITAT, Nagpur was almost identical. I am unable to agree with the view taken by the ITAT, Cochin in Ext.P8 decision as also th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aforesaid background, according to me, if the petitioner is compelled to pay 50% of the demand as ordered by the appellate authority, the business of the petitioner is likely to be crippled and in that event, the customers of the petitioner including their depositors would also suffer. Having regard to all the aforesaid facts and circumstances, I deem it appropriate to modify the impugned order directing the petitioner to pay 20% of the demand in six equal monthly instalments commencing from 1.6.2018. Ordered accordingly. In the peculiar facts of this case, there will also be a direction to the appellate authority to dispose of the appeal preferred by the petitioner on merits as expeditiously as possible. - - TaxTMI - TMITax - Income ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
