Allowing the petition the Court held that; since assessee was an institution in co-operative sector, and its members were from general public as also from marginalised sections, an opportunity could be afforded to assessee to produce details of deposits. Accordingly the assessee should make a deposit of 1 per cent of tax on addition made under section 68.
Aruvikkara Farmers Service Co-Operative Bank Ltd. v. ITO (2018) 258 Taxman 18 (Ker.)(HC)
S. 226 : Collection and recovery -Stay- Pendency of Appeal before – Commissioner (Appeals) –CIT(A) granted stay on condition of 50% of tax in dispute- Single judge reduced to 20% of tax in dispute –On appeal considering the assessee being a co-operative bank , stay is granted by paying 1 % 0f tax in dispute. [ S.68, 249]