TaxTMI 
TaxTMI 
2018 (2) TMI 876
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....s aggrieved by an assessment order dated 08.12.2017 for the assessment year 2015-2016 under Section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as "the Act") 2.Mr.J.Narayanasamy, learned counsel for the revenue vehemently opposed the maintainability of the writ petition and contended that the petitioner should be relegated to avail the appellate remedy under the Act and no indulgence should be granted to the petitioner to challenge an assessment order by way of a writ petition. It is further submitted that if this Court is inclined to entertain the writ petition, then the Department should be permitted to file a detailed counter affidavit and arguments to be heard. 3.Both the submissions are not convincing for the reason t....
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....ed under the Madras Cooperative Societies Act, 1932 and after nationalization of the insurance sectors with effect from 01.09.1956, the name of the assessee was changed to the present name with area of operation extending to the State of Tamil Nadu. The petitioner assessee obtained license from the Reserve Bank of India on 01.03.1966 to carry out banking business. It was further stated that the petitioner assessee has two categories of membership, namely, one open to LIC employees only and second category is associate membership. Both categories of members can deposit money into the petitioner Society but loan can be availed only by the LIC employee members. Further, it was stated that the amendment to Section 194A expressly provide that fr....
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.... respondent has passed the impugned order by drawing a distinction between different types of Cooperative Societies and has stated that the petitioner is involved in banking business though it is a cooperative society and tax has to be deducted at source. In fact, this very issue was considered by the Hon'ble Division Bench in paragraph No.42 of the judgment. It appears that the respondent has not gone through the decision, copy of which was filed by the petitioner along with their reply to the show cause notice. The Assessing Officer was bound by the decision rendered by the jurisdictional High Court. It is stated that as on date there is no appeal by the revenue as against the decision in the case of Coimbatore District Central Cooper....