9911796707
TMI Blog2019 (7) TMI 801X X X X Extracts X X X X X X X X Extracts X X X X ..... iri Tea Coffee Estates Co. Ltd. v. ITAT [ 1988 (7) TMI 54 - KERALA HIGH COURT] had held that when an authority has decided on the basis of a decision of the High Court which is subsequently reversed, there would be a rectifiable mistake coming within the section 154. The Larger Bench of the Hon ble Kerala High Court in THE MAVILAYI SERVICE CO-OPERATIVE BANK LTD [ 2019 (3) TMI 1580 - KERALA HIGH COURT] has reversed the dictum laid down by the judgment in the case of Chirakkal Service Co-operative Bank Ltd. [ 2016 (4) TMI 826 - KERALA HIGH COURT] by holding that the activities of the assessee has to be examined to determine whether the assessee s are Co-operative societies or cooperative banks. In the light of the Larger Bench judgment of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion u/s 80P of the IT.Act was denied by the Assessing Officer by treating the assessee as co-operative banks and not primary agricultural credit societies. 3. The assessee's aggrieved by the denial of deduction u/s 80P of the I.T.Act filed appeals before the first appellate authority. The first appellate authority by following the judgment of the Hon'ble Kerala High Court in the case of Chirakkal Service Co-operative Bank Ltd. reported in 384 ITR 490 allowed the appeals of the assessees and directed the Assessing Officer to grant deduction u/s 80P(2) of the I.T.Act as the assessees are classified as primary agricultural credit societies by the Registrar of Co-operative Societies. 4. On further appeals by the Revenue, the view taken by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed on 17th May, 2019, i.e., in the fag end of the limitation period of six months mentioned u/s 254(2) of the I.T.Act and hence same need to be dismissed. 6. We have heard the rival submissions and perused the material on record. In these cases, the first appellate authority and the Tribunal had allowed the claim of deduction u/s 80P of the I.T.Act by following the judgment of the Hon'ble jurisdictional High Court in the case of Chirakkal Service Cooperative Bank Ltd. (supra). Certain issues decided in the case of Chirakkal Service Co-operative Bank Ltd. (supra) was reversed by the Larger Bench of the Hon'ble Kerala High Court in the case of The Mavilayi Service Co-operative Bank Ltd. V. CIT (supra). The Larger Bench of the Hon'ble Ker ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n'ble Kerala High Court in the case of Chirakkal Service Co-operative Bank Ltd. (supra) by holding that the activities of the assessee has to be examined to determine whether the assessee's are Co-operative societies or cooperative banks. In the light of the Larger Bench judgment of the Hon'ble Kerala High Court, the Tribunal order dated 29.11.2018, suffers from a mistake apparent on record and the same needs to be recalled. 6.2 The contentions of the assessees that these rectification applications have not been filed within a reasonable date and hence barred by limitation is legally untenable. The order of the Tribunal is dated 29.11.2018 and the miscellaneous applications have been filed within six months from the date of receipt of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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