Karakulam Service Co-operative Bank Limited v. The Income Tax Officer

Parties Involved

Facts Summary

The assessee, Karakulam Service Co-operative Bank Limited, filed twin appeals against the orders of the National Faceless Appeal Centre, Delhi, which imposed penalties under section 271F of the Income Tax Act, 1961 for failure to file returns within the due date. The appeals were heard on 12.08.2024 and the judgment was pronounced on 25.09.2024. The bench found that the learned CIT(A) did not properly consider the assessee's explanation, given that it is a co-operative society governed by state rules, and thus remitted the appeals back to the CIT(A) for fresh consideration.…

Legal Issues

• 1. Whether the CIT(A) properly considered the assessee's explanation for delay in filing returns?
• 2. Whether the penalty imposed under section 271F is justified?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• Thurayur Service Co-operative Bank Limited v. The Income Tax Officer

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• Iriveri Service Co-operative Bank Limited v. The Income Tax Officer

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• West Eleri Vanitha Service Co-op. Society Ltd. vs. The Income Tax Officer

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• Taliparamba Govt. Employees Co-op. Society Ltd. vs. The Income Tax Officer- 4

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• Parayakad Service Co-operative Bank Limited v. The Joint Commissioner of Income-tax, Range-1 Alappuzha

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• ITA Nos. 728 & 729/Coch/2023

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