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Friday, March 5, 2021

HC orders state’s IT Dept to refund Rs 13.77 lakh to Siolim Urban Co-op Credit Society

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Panjim: The High Court of Bombay at Goa passed an order in favour of Siolim Urban Co-op Credit Society Ltd and directed the Income Tax Department (Goa) to refund Rs 13.77 lakh approx to the Credit Society, amount which was held by the Department.

The matter is in relation to an appeal before by the Society the Commissioner of Income Tax (Appeals) in regards to the assessment for the year 2014-15.Tthe Society had deposited 20 per cent of the assessed amount to secure interim reliefs, amounting to Rs 4.5 lakh approx before the Commissioner. Advocate Sahish Mhambrey represented the bank.

 

It was reported that the assessment years 2017-18, the assessing officer (AO) made an order contrary to the one by the Commissioner (Appeals) on the same issue based on which, the Society had to pay a tax of Rs 19.11 lakh approx. The appeal was disposed off in November 2019 wherein the Society’s contentions were accepted and the assessment order, to the extent was contrary to such contentions, were even interfered with.

“The petitioner (Society), through communication dated December 20, 2019, pointed out to the AO that the time limit for the payment was too short, and further, the petitioner was in the process of appealing the order for the years 2017-18. The petitioner also pointed out that its similar matter for the 2014-15 assessment years had already been decided by Commissioner (Appeals) in favour of the Society and the AO was requested to withhold the proceedings till disposal of the Appeal,” the judgment extract by division bench of Justice M S Sonak and M S Jawalkar states.

It was despite the plea put up by the Society, the IT Department issued communications to the Karnataka Bank and the Corporation Bank to seize the accounts of the Society and to remit the demanded amounts forthwith to the department. The court, during the hearing observed that the Society had appealed the assessment order for the years 2017-18 much before the Commissioner (Appeals) and Income Tax Officer Ward-I (4) could address the communications to the Banks over the remission of the demanded tax.

“Further, it is clear that the Respondents (IT) had, with themselves, an amount of Rs 5.32 lakh, which corresponds to a little more than 20 per cent of the demanded tax amount of Rs 19.11 lakh approx for the assessment years 2017- 18,” it further said.

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