THE VAVVERU CO-OPERATIVE RURAL BANK LTD. Vs. CHIEF COMMISSIONER OF INCOME TAX, (TELANGANA AND ANDHRA PRADESH)(DB)

JUDGEMENT

(1.) The Vavveru Co-operative Rural Bank Limited and the Buchireddi Palem Co-operative Rural Bank Limited have come up with these writ petitions challenging the orders of assessment passed under Sec. 143(3) of the Income Tax Act, 1961 in relation to the Assessment Years 2010-11, 2013-14 and 2014-15.

(2.) We have heard Mr. A.V. Krishna Kaundinya, learned Senior Counsel appearing for the writ petitioners and Mr. T.Vinod Kumar, learned Senior Standing Counsel appearing for the Revenue.

(3.) At the outset, it should be pointed out that the petitioners have an effective statutory alternative remedy of an appeal, as against the impugned orders of assessment, to the Commissioner of Income Tax (Appeals). But the petitioners have come up with these writ petitions on the ground that the denial of the benefit of deductions under Sec. 80P(2)(a) of the Act to the petitioners, by the Assessing Officer is completely contrary to statutory provisions and that since the issue goes to the root of the question of jurisdiction on the part of the Assessing Officer, they have chosen to come up with the present writ petitions bypassing the alternative remedy of appeal.