Bihar Agricultural Produce v. CIT

315 ITR 301High Court2009#4188 most cited

What is Bihar Agricultural Produce v. CIT authority for?

Grants and interest received for specific projects are not taxable if they are spent for the expenses of those projects and no surplus remains. This applies even if the expenses exceed the receipts, meaning there is no profit to be taxed.

28

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2025.

Also referred to as

Bihar Agricultural Produce v CIT · 315 ITR 301 · grants · project expenses · non-taxable income · surplus · Vambay Scheme

Sections most often in play

Section 2017Section 56 of the Income Tax Act

Issues it is cited on

section 11(2)(a)section 10(20a)section 10(20)section 58section 13(1)(d)section 12aa(3)section 13(8)section 80ib(10)section 11(3)legal expensessection 11(5)accumulation of income

Judgments citing Bihar Agricultural Produce v. CIT

JCIT, Bangalore vs. M/S Rajiv Gandhi Rural Housing Corporation Ltd., Bangalore

In the result, Revenue’s appeal for Assessment Years 2007-08 and 2011-12

ITA 1113/BANG/2016[2011-12]Status: DisposedITAT Bangalore03 Apr 2019AY 2011-12

Bench: Shri N. V. Vasudevan & Shri Jason P Boaz

For Appellant: Shri. H. R. Suresh, CAFor Respondent: Shri. Sundar Rao, CIT
Section 143(3)Section 147Section 148Section 56

…13 ITA Nos.203 and 204/Bang/2016 dated 18.03.2017, we are of the opinion that the CIT(A) has correctly followed the decision of the Hon’ble Karnataka High Court in the case of CIT Vs. Karnataka Urban Infrastructure Development and Finance Corporation (2009) 315 ITR 301 (Kar.) in deleting the additions made by the AO in respect of the interest earned on deposits with Banks, pertaining to the funds received from Central and State Governments attributable to Fund Account only and utilized by the assessee as a Nodal Agency in accordance with the directions for utilization of the fund for the given purpose of provid…

JCIT, Bangalore vs. M/S Rajiv Gandhi Rural Housing Corporation Ltd., Bangalore

In the result, Revenue’s appeal for Assessment Years 2007-08 and 2011-12

ITA 1112/BANG/2016[2007-08]Status: DisposedITAT Bangalore03 Apr 2019AY 2007-08

Bench: Shri N. V. Vasudevan & Shri Jason P Boaz

For Appellant: Shri. H. R. Suresh, CAFor Respondent: Shri. Sundar Rao, CIT
Section 143(3)Section 147Section 148Section 56

…13 ITA Nos.203 and 204/Bang/2016 dated 18.03.2017, we are of the opinion that the CIT(A) has correctly followed the decision of the Hon’ble Karnataka High Court in the case of CIT Vs. Karnataka Urban Infrastructure Development and Finance Corporation (2009) 315 ITR 301 (Kar.) in deleting the additions made by the AO in respect of the interest earned on deposits with Banks, pertaining to the funds received from Central and State Governments attributable to Fund Account only and utilized by the assessee as a Nodal Agency in accordance with the directions for utilization of the fund for the given purpose of provid…

Hll Biotech Ltd, Trivandrum vs. The ITO, WD-1(1), Trivandrum

In the result, the appeals of the assessee as well as the Stay Petitions filed

ITA 578/COCH/2018[2015-16]Status: DisposedITAT Cochin15 Mar 2019AY 2015-16

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

…(Bang.) 2. Indian Oil Panipat Power Consortium Ltd. vs. ITO (315 ITR 255) 3. ITO vs. Alliance Hospitality Services Pvt. Ltd. (ITA No. 3191/Mum/2013 dated 28/08/2017) (ITAT, Mumbai) 4.CIT vs. Karnataka Urban Infrastructure Development and Finance Corporation (315 ITR 301) (Kar.) 5. Adani Power Ltd. vs. ACIT (155 ITD 239) (ITAT, Ahmedabad) 6. CIT vs. VGR Foundations (298 ITR 132) (Mad.) 5.5 Further, the Ld. AR submitted that as general policy/guidelines for any funds provided by the Government of India, any income earned out of such funds provided for any specific purpose, it should be utilized only for the purpo…

Hll Biotech Ltd, Trivandrum vs. The ITO, WD-1(1), Trivandrum

In the result, the appeals of the assessee as well as the Stay Petitions filed

ITA 577/COCH/2018[2014-15]Status: DisposedITAT Cochin15 Mar 2019AY 2014-15

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

…(Bang.) 2. Indian Oil Panipat Power Consortium Ltd. vs. ITO (315 ITR 255) 3. ITO vs. Alliance Hospitality Services Pvt. Ltd. (ITA No. 3191/Mum/2013 dated 28/08/2017) (ITAT, Mumbai) 4.CIT vs. Karnataka Urban Infrastructure Development and Finance Corporation (315 ITR 301) (Kar.) 5. Adani Power Ltd. vs. ACIT (155 ITD 239) (ITAT, Ahmedabad) 6. CIT vs. VGR Foundations (298 ITR 132) (Mad.) 5.5 Further, the Ld. AR submitted that as general policy/guidelines for any funds provided by the Government of India, any income earned out of such funds provided for any specific purpose, it should be utilized only for the purpo…

Hll Biotech Ltd, Trivandrum vs. The ITO, WD-1(1), Trivandrum

In the result, the appeals of the assessee as well as the Stay Petitions filed

ITA 576/COCH/2018[2013-14]Status: DisposedITAT Cochin15 Mar 2019AY 2013-14

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

…(Bang.) 2. Indian Oil Panipat Power Consortium Ltd. vs. ITO (315 ITR 255) 3. ITO vs. Alliance Hospitality Services Pvt. Ltd. (ITA No. 3191/Mum/2013 dated 28/08/2017) (ITAT, Mumbai) 4.CIT vs. Karnataka Urban Infrastructure Development and Finance Corporation (315 ITR 301) (Kar.) 5. Adani Power Ltd. vs. ACIT (155 ITD 239) (ITAT, Ahmedabad) 6. CIT vs. VGR Foundations (298 ITR 132) (Mad.) 5.5 Further, the Ld. AR submitted that as general policy/guidelines for any funds provided by the Government of India, any income earned out of such funds provided for any specific purpose, it should be utilized only for the purpo…

M/S Rajasthan Urban Drinking Water Sewerage and Infrastructure Corporation Limited, Jaipur vs. Assistnat Commissioner of Income Tax, Circle-6, Jaipur

In the result, both the appeals filed by the assessee are allowed

ITA 714/JPR/2018[2014-15]Status: DisposedITAT Jaipur05 Feb 2019AY 2014-15
For Appellant: Shri S.K. Gogra (C.A.)For Respondent: Shri Varinder Mehta (CIT)
Section 2(24)

…ame is forming part of the particular fund to be allocated to the project. In support of his contention, he has relied upon the decision of Hon’ble Karnatka High Court in case of CIT & Anr. Vs. Karnatka Urban Infrastructure Development & Finance Corporation 315 ITR 301, decision of Hon’ble Gujarat High Court in case of Gujarat Power Corporation vs. ITO 354 ITR 201 and decision of Coordinate Bench of this Tribunal in case of Rajasthan Avas Vikas & Infrastructure Ltd. vs. DCIT dated 18.03.2016 in ITA No. 247 & 248/JP/2014. 4. On the other hand, ld. DR has relied on the orders of the authorities below and submi…

M/S Rajasthan Urban Drinking Water Sewerage and Infrastructure Corporation Limited, Jaipur vs. Assistnat Commissioner of Income Tax, Circle-6, Jaipur

In the result, both the appeals filed by the assessee are allowed

ITA 713/JPR/2018[2013-14]Status: DisposedITAT Jaipur05 Feb 2019AY 2013-14
For Appellant: Shri S.K. Gogra (C.A.)For Respondent: Shri Varinder Mehta (CIT)
Section 2(24)

…ame is forming part of the particular fund to be allocated to the project. In support of his contention, he has relied upon the decision of Hon’ble Karnatka High Court in case of CIT & Anr. Vs. Karnatka Urban Infrastructure Development & Finance Corporation 315 ITR 301, decision of Hon’ble Gujarat High Court in case of Gujarat Power Corporation vs. ITO 354 ITR 201 and decision of Coordinate Bench of this Tribunal in case of Rajasthan Avas Vikas & Infrastructure Ltd. vs. DCIT dated 18.03.2016 in ITA No. 247 & 248/JP/2014. 4. On the other hand, ld. DR has relied on the orders of the authorities below and submi…

ADIT (E), New Delhi vs. M/S. India Habitat Centre, New Delhi

Appeal of the revenue is dismissed

ITA 4024/DEL/2012[2009-10]Status: DisposedITAT Delhi29 Apr 2016AY 2009-10

Bench: Shri H.S.Sidhu & Shri Prashant Maharishiadit (E), India Habitat Centre, Inv. Circle-I, Lodhi Road, Vs. New Delhi New Delhi Pan:Aaati0499M (Appellant) (Respondent)

For Appellant: Sh. Amit Jain, Sr. DRFor Respondent: Sh. Suresh Anantharaman, CA
Section 11Section 12ASection 143(2)Section 2(15)Section 80G

…n of its interest income under the principle of mutuality in the light of decisions in the case of DIT Vs. All India Oriental Bank of Commerce Welfare Society, 130 Taxman 575 (Del.); CIT Vs. Karnataka Urban Infrastructure, Development and Finance Corporation, 315 ITR 301 (Karn) and that CIT Vs. Arbindo Memorial Fund Society, 247 ITR 93 (Mad),the AO concluded that receipts or income which were attributable to outside or third parties, were not covered by the principle of mutuality and accordingly, brought to tax the entire amount of interest of Rs39,72,025/- received from bank. 3. On appeal, the ld. CIT(A), follow…