How many judgments cite 1. Bihar State Co-operative Bank Ltd. v. CIT?

76 judgments on BharatTax cite 1. Bihar State Co-operative Bank Ltd. v. CIT (39 ITR 114), spanning 2011 to 2026.

Which sections of the Income Tax Act does 1. Bihar State Co-operative Bank Ltd. v. CIT come up under?

It is most often cited in judgments turning on Section 80P(2)(a)(i), Section 80P(2)(d), Section 143(3), Section 250, Section 80P, Section 263.

1. Bihar State Co-operative Bank Ltd. v. CIT

39 ITR 114Supreme Court of India1960#1490 most cited

What is 1. Bihar State Co-operative Bank Ltd. v. CIT authority for?

Interest income earned by a co-operative bank from the investment of its surplus funds, including those statutorily required to be placed in approved securities, is attributable to its banking business and qualifies for deduction under Section 80P(2)(a)(i).

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2011 to 2026.

Also referred to as

Bihar State Co-operative Bank Ltd. v. CIT · 39 ITR 114 · Section 80P · Section 80P(2)(a)(i) · co-operative bank interest income · deduction for co-operative societies · surplus funds investment · statutory investments · banking business income · interest on fixed deposits

Sections most often in play

Section 80P(2)(a)(i)Section 80P(2)(d)Section 143(3)Section 250 Section 80P Section 263 Section 2(19)Section 80P(4)

Read the full judgment

Issues it is cited on

section 57(i)section 80(2)(d)section 80(p)(2)(a)section 286 section 161 section 80p(2)(c)section 60 interest on securities section 2(19)section 21 section 80p(4)section 57

Judgments citing 1. Bihar State Co-operative Bank Ltd. v. CIT

Akshaya Co-Operative Credit Society Limited, Karwar vs. Income Tax Officer, Ward - 1(1), Karwar

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

ITA 158/PAN/2023[2014-15]Status: DisposedITAT Panaji28 Nov 2025AY 2014-15

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

…sits with nationalized bank when source of such investment was income derived from activities listed in sub-clauses (i) to(vii) of clause (a) of section 80P(2) of the Act. The Ld.AR’s relied on the judicial decisions 1. Bihar State Co-operative Bank Ltd v CIT 39 ITR 114 (SC) . Page 23 of 36 Akshaya Co-Op credit society Limited & others. 2. Cambay Electric Supply Industrial Co. Ltd v CIT 113 ITR 84 (SC). 2.1 Tumkur Merchants Souharda Credit Cooperative Ltd v ITO Ward – V, Tumkur 55 taxmann.com 447 (Kar). 3. Guttigedarara Credit Co-operative Society Ltd v ITO Ward 2(2), Mysore 377 ITR 464 (Kar) . 4. Vavveru Co-o…

The Kundara Panchayath Service Cooperative Bank Ltd, Kollam vs. Income Tax Officer, Ward-4, Kollam

In the result, appeals filed by the assessee are allowed

ITA 805/COCH/2024[2018-19]Status: DisposedITAT Cochin29 Apr 2025AY 2018-19

Bench: Shri Inturi Rama Rao & Shri Keshav Dubey

For Appellant: Shri G.Surendranath Rao, A.RFor Respondent: Smt. Leena Lal, Sr. D.R

Section 250Section 80PSection 8O

…ld, therefore, be attributable to the business of bank falling under the head 'profits and gains of business' and thus deductable under section 80P(2)(a)(i) of the Income Tax Act, 1961. This has been so held in Bihar State Co-operative Bank Ltd. v. CIT (1960) 39 ITR 114 (SC) : CIT v. Karnataka State Co- operative Apex Bank (2001) 255 ITR 194 (SC) and CIT v. Ramanandapuram District Co-operative Central Bank Ltd. (2002) 255 ITR 423 (SC). The principle in these cases would also cover a situation where a Co-operative bank carrying on the business of banking is statutorily required to place a part ITA Nos.802, 803 &…

The Kundara Panchayath Service Cooperative Bank Ltd, Kollam vs. Income Tax Officer, Ward 4, Kollam

In the result, appeals filed by the assessee are allowed

ITA 803/COCH/2024[2017-18]Status: DisposedITAT Cochin29 Apr 2025AY 2017-18

Bench: Shri Inturi Rama Rao & Shri Keshav Dubey

For Appellant: Shri G.Surendranath Rao, A.RFor Respondent: Smt. Leena Lal, Sr. D.R

Section 250Section 80PSection 8O

The Kundara Panchayath Service Cooperative Bank Ltd, Kollam vs. Income Tax Officer, Ward 4, Kollam

In the result, appeals filed by the assessee are allowed

ITA 802/COCH/2024[2012-13]Status: DisposedITAT Cochin29 Apr 2025AY 2012-13

Bench: Shri Inturi Rama Rao & Shri Keshav Dubey

For Appellant: Shri G.Surendranath Rao, A.RFor Respondent: Smt. Leena Lal, Sr. D.R

Section 250Section 80PSection 8O

Mundukhola Baksagarh Skus Ltd., Hoogly vs. ITO, Ward-24, Hooghly

In the result, appeal of assessee is allowed and that of revenue is dismissed

ITA 879/KOL/2024[2017-18]Status: DisposedITAT Kolkata15 Jan 2025AY 2017-18

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Ito, Ward-24 Mundukhola Baksagarh Skus Ltd. Aaykar Bhavan, G.T. Road, Baksararh, Panchpara, Hoogly, Khadinamore, Chinsurah, Vs. West Bengal-712501 Hooghly, West Benga 712101 (Appellant) (Respondent) Pan No. Aabam7385E Assessee By : Shri Saumitra Choudhury, Ar Revenue By : Shri Sailen Samadder, Dr Date Of Hearing: 17.12.2024 Date Of Pronouncement : 15.01.2025

For Appellant: Shri Saumitra Choudhury, ARFor Respondent: Shri Sailen Samadder, DR

Section 115BSection 69ASection 80P

…2)(a)(i) of the Act. Hon’ble Allahabad High Court in the case of CIT Vs. Muzaffarnagar District Co-operative Bank Ltd. (2013) 214 Taxman 498 (All) relying on the decision of Hon’ble Supreme Court in the case of Bihar State Cooperative Bank Ltd. Vs. CIT (1960) 39 ITR 114 (SC) and of Hon’ble Bombay High Court in the case of CIT Vs. Goa Urban Cooperative Bank Ltd., (Tax Appeal Nos. 6 & 8 of 2005, and in Tax Appeal No. 54 of 2008, decided on 15.07.2009) have held that interest earned out of deposits of surplus fund and interest earned on SLR or non-SLR funds will qualify for deduction u/s. 80P(2)(a)(i) of the Act. Th…

The Bank of Rajasthan Ltd vs. Commissioner of Income Tax

Appeals are dismissed

C.A. No.-003291-003294 - 2009Supreme Court16 Oct 2024

Bench: HON'BLE MR. JUSTICE ABHAY S. OKA

Section 18Section 19Section 20Section 21

…2024 INSC 781 REPORTABLE IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NOS. 32913294 OF 2009 Bank of Rajasthan Ltd. … Appellant versus Commissioner of Income Tax … Respondent with Civil Appeal Nos.1120011201 of 2024 (Arising out of S.L.P. (C) Nos. 14451446 of 2021) Civil Appeal No.11202 of 2024 (Arising out of S.L.P. (C) No. 4843 of 2020) Civil Appeal No.11203 of 2024 (Arising out of S.L.P. (C) No. 7055 of 2021) Civil Appeal No.11204 of 2024 (Arising out of S.L.P. (C) No. 7404 of 2021) Civil Appeal No.11205 of 2024 (Arising out o…

Gohana Co-Op Marketing Processing Society Ltd, Gohana vs. Income Tax Officer, Sonipat

In the result, the appeal of the assessee is dismissed

ITA 2698/DEL/2023[2018-19]Status: DisposedITAT Delhi30 Apr 2024AY 2018-19

Bench: Shri Kul Bharat & Dr.B.R.R.Kumar[Assessment Year : 2018-19] Gohana Co-Op Marketing Vs Ito, Processing Society Ltd., Shop No.1, Sonipat. New Anaj Mandi, Gohana, Sonipat, Haryana-131301 Pan-Aaaag0108Q Appellant Respondent Appellant By None Respondent By Shri Om Parkash, Sr.Dr Date Of Hearing 24.04.2024 Date Of Pronouncement 30.04.2024 Order

Section 143(2)Section 56Section 80P(2)(a)

…uld, therefore, be attributable to the business of bank falling under the head “Profits and gains of business” and thus deductible under section 80P(2)(a)(i) of the Income Tax Act, 1961. This has been so held in Bihar State Co-operative Bank Ltd. v CIT [1960] 39 ITR 114(SC), CIT vs Karnataka State Co-operative Apex Bank [2001] Supp. (2) SCR 35; [2001] 251 ITR 194 (SC) and CIT v. Ramanathapuram District Co-operative Central Bank Ltd. [2002] 255 ITR 423 (SC). The principle in these cases would also cover a situation where a co- operative bank carrying on the business of banking is statutorily required to place a pa…

Balaji Infrastructure & Development Co., Mumbai vs. ITO 2(1)(1), Mumbai

In the result, ground no. 2 raised by the assessee is dismissed in above terms

ITA 1616/MUM/2020[2013-14]Status: DisposedITAT Mumbai11 Mar 2024AY 2013-14

Bench: Shri Aby T Varkey & Shri Gagan Goyalbalaji Infrastructure & Development Company Limited, 6Th Floor, New Excelsior Building, A. K. Nayak Marg, Fort, Mumbai-400 001 Pan: Aaacb8155C ...... Appellant Vs. Ito-2(1) (1), R. No. 561, 5Th Floor, Aayakar Bhavan, M. K. Road, Mumbai- 400 020 ..... Respondent

For Appellant: Shri Sujay Waikul, Ld. ARFor Respondent: Shri S. Srinivas, Ld. DR

Section 143(2)Section 234BSection 24Section 250Section 271(1)Section 32(1)Section 57

…per annum is liable for TDS by the tenant. 4. Assessee, substantiate its claim by relying on the following judicial pronouncements as under:- i) S. G. Mercantile Corpn. (P) Ltd. vs. CIT (1972) 83 ITR 700 (SC) ii) Bihar State Co-Op. Bank Ltd. vs. CIT (1960) 39 ITR 114 (SC) iii) CIT vs. Basant Rai Takhat Singh (1933) ITR 197 (PC) 5. In addition to above, assessee furnished details of the property under consideration as under:- “A building known more as "Sea Green" with RCC Structure of Ground plus one floor (i.e. G + 1L covering a total area of 0-09-1 Hect. of land and consisting of the following facilities/…

The Principal Commissioner of Income Tax vs. Peroorkada Service Co-Operative Bank Ltd

Appeals are allowed as indicated above

ITA/5/2020HC Kerala01 Nov 2021

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

Section 260ASection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR.JUSTICE S.V.BHATTI & THE HONOURABLE MR.JUSTICE BASANT BALAJI MONDAY, THE 1ST DAY OF NOVEMBER 2021 / 10TH KARTHIKA, 1943 ITA NO. 323 OF 2019 AGAINST THE ORDER IN ITA 67/2019 OF I.T.A.TRIBUNAL,COCHIN BENCH, ERNAKULAM APPELLANT/S: THE PRINCIPAL COMMISSIONER OF INCOME TAX THIRUVANANTHAPURAM BY ADV SRI.CHRISTOPHER ABRAHAM, INCOME TAX DEPARTMENT RESPONDENT/S: M/S. PEROORKADA SERVICE CO-OPERATIVE BANK LTD TC 845/1, PEROORKADA, TRIVANDRUM-695 005. BY ADV SRI.C.A.JOJO THIS INCOME TAX APPEAL HAVING COME UP FOR HEARING ON 01.11.2021, ALONG WITH ITA.142/2019,…

The Principal Commissioner of Income Tax vs. Vilappil Service Co-Operative Bank Ltd

Appeals are allowed as indicated above

ITA/142/2019HC Kerala01 Nov 2021

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

Section 260ASection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

Bansabati Co-Operative Bank Ltd., Hooghly vs. Principal CIT - 8, Kolkata

In the result, appeal of the assessee is allowed

ITA 271/KOL/2018[2012-13]Status: DisposedITAT Kolkata03 Dec 2020AY 2012-13

Bench: Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

Section 263Section 80P

…ep in carrying on the banking business, in other words, it is an act done in what is truly the carrying on of the banking business.” 67. This view was reiterated with emphasis by the apex court in the case of Bihar State Co-operative Bank Ltd. vs. CIT (1960) 39 ITR 114 wherein it was observed (page 122): “…………………it is a normal mode of carrying on banking business to invest moneys in a manner that they are readily available and that is just as much a part of the mode of conducting a bank's business as receiving deposits or lending moneys or discounting hundies or issuing demand drafts. 5 | P a g e Bansabati Co-o…

Asst CIT 16(1), Mumbai vs. National Films Development Corporation Ltd, Mumbai

In the result, appeal of the revenue is dismissed

ITA 444/MUM/2019[2013-14]Status: DisposedITAT Mumbai18 Nov 2020AY 2013-14

Bench: Shri Mahavir Singh & Shri M.Balaganeshacit, Circle-16(1) Vs. M/S. National Film Room No.439, 4Th Floor Development Corporation Ltd. 6Th Floor, Discovery Of India Aaykar Bhawan M.K.Road Dr. Annie Besant Road Mumbai-400 020 Nehru Centre Worli, Mumbai-400 018 Pan/Gir No.Aaacn3540R (Appellant) .. (Respondent) Assessee By Shri Chetan A. Karia, Ar Revenue By Ms. Kavita P.Kaushik, Dr Date Of Hearing 30/09/2020 Date Of Pronouncement 18/11/2020 आदेश / O R D E R Per M. Balaganesh (A.M): This Appeal Filed By Revenue In Ita No.444/Mum/2019 For Assessment Year (Ay) 2013-14 Arise Out Of The Order By The Ld. Commissioner Of Income Tax (Appeals)-04, Mumbai In Appeal No.Cit(A)-4/E-File-66/Acit-16(1)/2016-17, Dated 19/11/2018 (Ld. Cit(A) In Short) Against The Order Of Assessment Passed U/S.143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As Act) Dated 23/03/2016 By The Ld. Assistant Commissioner Of Income Tax-16(1), Mumbai (Hereinafter Referred To As Ld. Ao).

Section 143(2)Section 143(3)

…ort films, that the process of film production would undertake different stages and would be spread over for a longer period of time. He relied upon cases of Paramount Premium Ltd. (190 ITR 259), Lok Holdings (308 ITR 356), Bihar State Co-operative bank Ltd. (39 ITR 114) and finally allowed the appeal filed by the assessee. 4. During the course of hearing before us, the Departmental Representative(DR)strongly supported the order of the AO and stated that assessee was not in business of earning interest income, that interest income was rightly assessed as income from other sources. He relied upon the cases of Tut…

Mufg Bank Ltd, New Delhi vs. ACIT (International Taxation) Circle-2(2)(1), New Delhi

In the result appeal of the assessee is partly allowed

ITA 7895/DEL/2019[2015-16]Status: DisposedITAT Delhi16 Oct 2020AY 2015-16

Bench: Shri Amit Shukla & Shri Prashant Maharishi(Through Video Conferencing) Mufg Bank Ltd, Vs. Acit (International Taxation), 5Th Floor, Worldmark 2, Asset 8, Circle-2(2)(1), Aerocity, Nh-8, New Delhi New Delhi Pan: Aabct3880D (Appellant) (Respondent)

For Appellant: Shri Nishant Thakkar, AdvFor Respondent: Shr Surender Pal, CIT DR

Section 143(3)Section 14ASection 244ASection 37(1)Section 44C

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “I-I”: NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER (Through Video Conferencing) MUFG Bank Ltd, Vs. ACIT (International Taxation), 5th Floor, Worldmark 2, Asset 8, Circle-2(2)(1), Aerocity, NH-8, New Delhi New Delhi PAN: AABCT3880D (Appellant) (Respondent) Assessee by : Shri Nishant Thakkar, Adv Shri Hiten Chande, Adv Shri Surender Bist, CA Revenue by: Shr Surender Pal, CIT DR Date of Hearing 27/07/2020 Date of pronouncement 16/10/2020 O R D E R PER PRASHANT MAHARISHI, A. M. 1. This appeal is filed by the assessee aga…

Orissa State Co-Operative Handicrafts Corporation Ltd., Bhubaneswar vs. DCIT, Circle-4(1), Bhubaneswar

In the result, appeal of the assessee i

ITA 393/CTK/2018[2015-16]Status: DisposedITAT Cuttack05 Jun 2020AY 2015-16

Bench: Shri C.M. Garg, Jm & Shri L.P. Sahu, Am आयकर अपीऱ सं./Ita No.392&393/Ctk/2018 (नििाारण वषा / Assessment Year : 2014 – 2015 & 2015-2016) M/S Orissa State Co-Operative Vs. Ito Wardd-4(1), Handicrafts Corporation Limited Bhubaneswar D-2/3, Industrial Estate, Rasulgarh, Bhubaneswar स्थायी ऱेखा सं./Pan No. : Aaaao 0096 K (अऩीऱाथी /Appellant) (प्रत्यथी / Respondent) .. यनधागररती की ओर से /Assessee By : None राजस्व की ओर से /Revenue By : Shri M.K.Goutam, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 20/02/2020 घोषणा की तारीख/Date Of Pronouncement : 05/06/2020 आदेश / O R D E R Per L.P.Sahu, Am :

For Appellant: NoneFor Respondent: Shri M.K.Goutam, CIT-DR

Section 80P(2)

…classifiable under any of the definite heads of income as per the Income Tax Act or an income ca not be chargeable under any other heads of income. -CIT v. Basant Rai Takhat Singh, (1933) 1 ITR 197, 201 (PC) -Bihar State Co-operative Bank Ltd. v. CIT (1960) 39 ITR 114, 122 (SC) -Nalinikant Ambalal Mody v. S.A.L Narayan Row, (1966) 61 ITR 428, 431 (SC) Income for the purposes of charge of income tax and computation of total income has been classified u/s 14 of the Income Tax Act in 5 head of income Viz. Salary, Income from House property, profits and gains of business or profession, capital gains and income fro…

Orissa State Co-Operative Handicrafts Corporation Ltd., Bhubaneswar vs. DCIT, Circle-4(1), Bhubaneswar

In the result, appeal of the assessee i

ITA 392/CTK/2018[2014-15]Status: DisposedITAT Cuttack05 Jun 2020AY 2014-15

For Appellant: NoneFor Respondent: Shri M.K.Goutam, CIT-DR

Section 80P(2)

Shriram Cooperative Bank Limited, Nashik vs. Income-Tax Officer, Ward - 1(3), Nashik

In the result, the appeal of the assessee is allowed

ITA 2026/PUN/2017[2014-15]Status: DisposedITAT Pune17 Jan 2020AY 2014-15

Bench: Shri D. Karunakara Rao, Am

For Appellant: Shri Dhiraj DhandgavalFor Respondent: Shri S. P. Walimbe

Section 22Section 80PSection 80P(2)Section 80P(2)(a)

…duction claimed u/s 80P(2)(a) of the Income Tax Act, 1961 (Henceforth ‘the Act’) relating to interest earned on deposits with Banks made during the course of business of banking by the appellant. For this appellant placed reliance on the decisions reported at 39 ITR 114 (SC), 289 ITR 6 (SC), 29 DTR 158 (Bom), 229 CTR 73 (Bom). Therefore, it is prayed to direct the AO to treat the interest earned on deposit with State Bank of India as income earned from the business eligible for deduction u/s 80P(2) (a) of the Act. 2. The AO erred in calculating the deduction available u/s 80P and also erred in determining the to…

The Dharangadhra People'S Co. Op. Bank Ltd., Dhrangadhra vs. The Dy. Commr. Income Tax, Surendranagar Circle, Surendranagar

In the result, the appeal of the assessee is allowed

ITA 130/RJT/2017[2012-13]Status: DisposedITAT Rajkot18 Dec 2019AY 2012-13

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./I.T.A. Nos.130-131/Rjt/2017 ("नधा"रण वष" / Assessment Years: 2012-13 & 2013-14) बनाम/ The Dharangadhra People’S D.C.I.T, Co-Op. Bank Ltd., Surendranagar Circle, Vs. Kalpvarksh, Mandvi Chowk, Surendranagar. Dhrangadhara, Surendranagar Circle, Surendranagar. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaaat1192R (अपीलाथ" /Appellant) (""यथ" / Respondent) .. अपीलाथ" ओर से / Appellant By : Shri D.M. Rindani, A.R ""यथ" क" ओर से/Respondent By : Shri Anil Kumar, Sr. D.R सुनवाई क" तार"ख / Date Of Hearing 20/09/2019 घोषणा क" तार"ख /Date Of Pronouncement 18/12/2019 आदेश / O R D E R Per Waseem Ahmed: The Captioned Appeal Has Been Filed At The Instance Of The Assessee Against The Separate Order Of The Learned Commissioner Of Income Tax (Appeals)-7, Ahmedabad [Ld. Cit(A) In Short] Of Even Dated 01/02/2017, Arising In The Matter Of Assessment Order Passed Under S. 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As "The Act") Dated 16/02/2015 & 27/11/2015 Relevant To Assessment Years (A.Y.S) 2012-13 & 2013-14 Respectively.

For Appellant: Shri D.M. Rindani, A.RFor Respondent: Shri Anil Kumar, Sr. D.R

Section 139(3)Section 139(4)Section 80

…business activity despite the interest thereon is offered to tax under the head income from other sources. In holding so we find support and guidance from the judgment of Hon’ble Apex Court in the case of Bihar State Co-operative Bank Ltd. Vs. CIT reported in 39 ITR 114 wherein it was held as under: “The moneys laid out in the form of deposits would not cease to be a part of the circulating capital of the assessee nor would they cease to form part of its banking business. The returns flowing from them would form part of its profits from its business. In a commercial sense the directors of the company owed it to t…

Asst CIT 16(1), Mumbai vs. Natinal Films Development Corporation Ltd, Mumbai

In the result the appeal filed by the revenue is dismissed

ITA 5956/MUM/2017[2012-13]Status: DisposedITAT Mumbai17 May 2019AY 2012-13

Bench: Shri Shamim Yahya & Shri Ramlal Negiआयकर अपील सुं./I.T.A. No.5956/Mum/2017 (धििाारण वर्ा / Assessment Year: 2012-13 बिाम/ Acit 16(1) M/S. National Film R.No.439,Aayakar Bhavan, Development M.K Marg, Mumbai 400020 Corporation, V. 6Th Floor, Discovery Of India, Dr. Annie Besant Road, Nehru Centre, Worli, Mumbai 400018 स्थायी लेखा सुं./Pan:Aaacn3540R (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Revenue By: Shri. Aarsi Prasad (Dr) Assessee By: Shri. Chetan Karia स िवाई की तारीख /Date Of Hearing : 11.03.2019 घोर्णा की तारीख /Date Of Pronouncement : 17.05.2019 आदेश / O R D E R Per Ramlal Negi, Jm: The Revenue Has Filed The Present Appeal Against The Order Dated 12.06.2017, Passed By The Commissioner Of Income Tax (Appeals)-4, (Cit(A)) Pertaining To The Assessment Year 2012-13 Whereby The Ld. Cit(A) Has Partly Allowed The Appeal Filed By The Assessee Against Assessment Order Passed U/S. 143(3) Of The Income Tax (Act). 2. The Assessee Company Engaged In The Business Of Distribution Of Films, Film Production, Film Finance, Media Campaign, Exports Of Films, Service Projects Including Subtitling, Hiring Of Equipments, Video Studio Etc., Filed Its Return Of Income For The Assessment Year Under

For Appellant: Shri. Chetan KariaFor Respondent: Shri. Aarsi Prasad (DR)

Section 143(2)Section 143(3)

…out the various propositions related to taxability of interest on deposit under the respective head. The interest on short-term bank deposits received by Bank of Saurashtra was held as Income from Business vide Bihar State Cooperative Bank Ltd. vs. CIT (1960) 39 ITR 114 (SC), Similarly, in the case of CIT vs. Tamil Nadu Dairy Development Corporation Ltd. 216 ITR 535, 542 (Mad.), the Hon'ble Madras High Court has held that interest on short-term deposit, requirement of utilization of such advances for specific purposes which occurrence is always in future as there is a requirement of production of film which takes…

Income-Tax Officer, Ward – 3, Satara vs. M/S. Shri Bhairavnath Multistate Cooperative Credit Society Limited, Satara

In the result, the appeal of the Revenue stands dismissed

ITA 2996/PUN/2017[2013-14]Status: DisposedITAT Pune08 Feb 2019AY 2013-14

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

For Appellant: Shri Prateek Jha

Section 143(1)Section 143(2)Section 2Section 44ASection 80PSection 80P(2)(a)Section 80P(2)(ai)Section 80P(2)(d)

…the purpose of storage, processing or facilitating the marketing of commodities by a co-operative society is exempt from tax." 5.2.3 Reference may also be made to the judgment of the Supreme Court in the case of Bihar State Co-operative Bank Ltd v CIT [1960J 39 ITR 114 (SC). In this case the assessee bank, registered under the Co-operative Act, 1912, received interest on deposits. This income was assessed as income from other sources. The issue reached the Supreme Court. The court held that the moneys laid out in the form of deposits would not cease to be a part of the circulating capital of the 6 A.Y.2013-14 a…

M/S.Warriers Hospital & Panchakarma Centre, Kollam vs. The DCIT, Alappuzha

In the result, the appeals of the assessee are partly allowed for statistical

ITA 461/COCH/2018[2014-15]Status: DisposedITAT Cochin20 Dec 2018AY 2014-15

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

Section 24Section 30Section 31Section 32Section 38Section 56Section 56(2)(iii)Section 57

…in the return of income submitted by it. The assessee relied on the following judgments: a) United Commercial Bank Limited vs. CIT (1957) 32 ITR 688 b) CIT vs. Basanth Rai Takhat Singh (1933) 1 ITR 197 c) Bihar State Co-operative Bank Limited vs. CIT (1960) 39 ITR 114 5. The Ld. DR had opposed to the admission of additional evidence. I.T.A. Nos.615 & 616 /Coch/2017 & 460&461/Coch/2018 6. We have heard the rival submissions and perused the record. In our opinion, there was inadvertent error committed by the assessee in offering its income under the head income from house property. The Assessing Officer must…