2024 (2) TMI 51

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....tion 144 r.w.s. 143(3A) & 143(3B) dated 31/03/2022 for the A.Y. 2018-19 issued by the Respondent No. 2 bearing DIN viz., ITBA/AST/S/144/2020- 21/1032006980(1) which Is enclosed as Annexure B1. b. Issue a Writ of Certiorari or direction in the nature of writ of certiorari quashing the notice of demand issued under section 156 of the Income Tax Act 1961 dated 31/03/2022 for the A.Υ. 2018-19 issued by the Respondent No.2 bearing DIN viz., ITBA/AST/S/156/2020- 21/1032007145(1) which is enclosed as Annexure B2. c. Issue a Writ of Certiorari or direction in the nature of writ of certiorari quashing the notice initiating penalty proceedings issued under section 274 r.w.s 270A of the Income Tax Act 1961 dated 31/03/2022 fo....

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....y and omission on the part of the petitioner to file its response/reply to the notices and to appear before the respondents and contest the proceedings was due to bonafide reasons, unavoidable circumstances and sufficient cause, which are pleaded in paragraph Nos. 3 to 7 of the Memorandum of Writ Petition, which read as under: "3. The case of the Petitioner was selected for scrutiny assessment by the Respondent No. 2 and statutory notices were issued online. The Petitioner submits that as the accountant of the bank was not used to the online proceedings of the income tax department and further as the year 2019 was the first year of introduction of conduct of electronic mode of conduct of the Income tax proceedings by way of introdu....

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....r the head 'unsecured loans'. The break up of the said figure is as under- Particulars Amount Members Deposits   Savings Deposit 3,35,34,702.12 Shree Nidhi Deposit 41,08,754.00 Fixed Deposit 6,24,35,860.00 Permanent Deposit 3,02,183.00 Staff Deposits   Staff Security Deposit 2,05,160.00 Staff FP deposit 62,24,922.00 Other Deposits   S.D.Reliance  BTS-Doddathota 10,000.00 Building  Security Deposit 50,000.00 S.C.D.C.Bank  Loan-Short  term   DC Bank-MKCC  Loan 14,92,18,000.00 NABARD  Building Loan 87,50,000.00 S.C.D.C.Bank  loan-Long term   Loan 2,69,54,613.00 Total 29,....

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....etitioner places reliance on the following judgments passed by the Hon'ble Apex Court: i. Principal Commissioner of Income-tax Vs. Annasaheb Patil Mathadi Kamgar Sahakari Pathpedi Ltd., reported in [2023] 150 taxmann.com 173(SC); ii. Kerala State Co-Operative Agricultural & Rural Development Bank Ltd. Vs. Assessing Officer reported in [2023] 154 taxmann.com 305 (SC); iii. Mavilayi Service Co-operative Bank Ltd., Vs. Commissioner of Income Tax, Calicut reported in [2021] 123 taxmann.com 161 (SC). 4. Per contra, the learned counsel for the respondents, submits that despite sufficient opportunity, the petitioner did not submit its response to the Show Cause Notice and as such, the respondents were left with no opt....