2021 (4) TMI 610

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....ONER : BY ADVS. SRI.ANIL D. NAIR SRI.SREEJITH R.NAIR SMT.TELMA RAJU SRI.SANGEETH JOSEPH JACOB SMT.CHRISTINA ANNA PAUL FOR THE RESPONDENT : SC-SRI. JOSE JOSEPH JUDGMENT Dated this the 8th day of April 2021 The learned Standing Counsel takes notice for respondents. 2. Heard the learned counsel for the petitioner. She argues that the petitioner is the Primary Agricultural Cooperative Soci....

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....Bank Ltd. v. Commissioner of Income Tax, Calicut, reported in MANU/SC/0017/2021. It is further argued that this Court in series of judgments in similar matters have directed the appellate authority to decide the appeal without insisting the petitioners to pay of 20% of the demand. 4. The learned Standing Counsel appearing for the respondents submits that the petitioner ought to have preferred a....

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.... credit of the co-operative sector in general must be read liberally and reasonably, and if there is ambiguity, in favour of the Assessee. A deduction that is given without any reference to any restriction or limitation cannot be restricted or limited by implication, as is sought to be done by the Revenue in the present case by adding the word "agriculture" into Section 80P(2)(a)(i) when it is not....

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....ven to non-members, profits attributable to such loans obviously cannot be deducted." 6. This Court by relying on the observation of the Honorable Supreme Court cited in the forgoing paragraph has in several such matters have directed the appellate authority to decide the appeal without insisting for either pre- deposit or for payment of tax in pursuant to the Assessment Orders. 7. In this v....