Bihar State Housing Co-operative Federation Ltd. v. CIT

Q: How many judgments cite Bihar State Housing Co-operative Federation Ltd. v. CIT?

10 judgments on BharatTax cite Bihar State Housing Co-operative Federation Ltd. v. CIT (315 ITR 286), spanning 2015 to 2023.

315 ITR 286High Court2009#10512 most cited

What is Bihar State Housing Co-operative Federation Ltd. v. CIT authority for?

Interest income earned by a cooperative society on surplus funds deposited with banks is eligible for deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961, as it is attributable to the business of providing credit facilities to its members.

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2023.

Also referred to as

Bihar State Housing Co-operative Federation Ltd. v. CIT · 315 ITR 286 · Section 80P(2)(a)(i) · cooperative society · interest income · surplus funds · bank deposit · deduction · exemption

Judgments citing Bihar State Housing Co-operative Federation Ltd. v. CIT

Assistant Commissioner of Income Tax, Circle-1(1), Raipur vs. Chhattisgarh Rajya Sahakari Awas Sangh (Maryadit), Raipur

In the result, the appeal of the revenue is dismissed in terms of our aforesaid observations

ITA 206/RPR/2022[2015-16]Status: DisposedITAT Raipur16 Oct 2023AY 2015-16

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No. 206/Rpr/2022 "नधा"रण वष" / Assessment Year : 2015-16 The Assistant Commissioner Of Income Tax, Circle-1(1), Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. Chhattisgarh Rajya Sahkari Awas Sangh Maryadit C-191, Tagore Nagar, Raipur (C.G.) Pan : Aaaac5903F ……""यथ" / Respondent

For Appellant: Shri Prafulla Pendse, CAFor Respondent: Shri Satya Prakash Sharma, Sr. DR

Section 143(3)Section 147Section 148Section 80PSection 80P(2)(a)Section 80P(2)(d)

…interest earned on surplus funds deposited by a cooperative society with commercial banks. 6. Also, the CIT(Appeals) had drawn support from the judgment of the Hon’ble High Court of Patna in the case of Bihar State Housing Co-operative Society Ltd. Vs. CIT, 315 ITR 286, wherein the Hon’ble High Court had held that interest income on deposit of surplus funds by a cooperative society with the bank is entitled to exemption u/s.80P(2)(a)(i) of the Act. Accordingly, based on his aforesaid deliberations, the CIT(Appeals) found favor with the contentions advanced by the assessee and directed the A.O. to recompute its…

The Ajmer Cooperative Thrift and Saving Society Limited Ajmer, Ajmer vs. CIT(A), NFAC, Ajmer

In the result, the appeal of the assessee is partly allowed

ITA 76/JPR/2022[2017-18]Status: DisposedITAT Jaipur30 Aug 2022AY 2017-18

For Appellant: Shri Sunil Porwal, (CA)For Respondent: Shri A.S. Nehra, (Addl. CIT)

Section 250Section 56Section 80PSection 80P(2)(a)

…terest from the savings bank account is eligible for deduction under section 80P(2)(a)(i). 3.1. The ld. A/R also placed reliance upon the decision of the Hon’ble Patna High Court in the case of Bihar State Housing Co-Operative Federation Ltd. v. CIT [2009] 315 ITR 286 (Patna), wherein the court was dealing with the question as to whether on the facts and in the circumstances of that case, the Tribunal was correct in holding that the Sum of Rs. 15,98,590.00 received by way of interest on bank deposit is not ancillary and incidental to carrying on the business of providing credit facilities to its members and as…

The Tiara Co-Operative Agricultural Service Society Limited, Kangra vs. ITO, Dharamashala

In the result, all the appeals of the assessee are partly

ITA 905/CHANDI/2017[2009-10]Status: DisposedITAT Chandigarh01 May 2018AY 2009-10

Bench: Ms.Diva Singh & Ms.Annapurna Gupta

For Appellant: Shri Gagan Singh Guleria, AdvFor Respondent: Smt.Chanderkanta, Addl.CIT

Section 80P(2)(a)

…d can be safely attributed to the carrying out of the said activity, Such interest earned is thus entitled to deduction u/s 80P(2)(a)(i) of the Act. The Hon’ble Patna High Court in the case of Bihar State Cooperative Housing Federation Ltd. Vs. CIT (2009) 315 ITR 286 had an occasion to deal with an identical situation wherein it was found that the nature of activity in which the assessee was involved, being collecting deposits from its members and providing credit facilities to its members, created a situation where short term surplus funds were available with it which were hence deposited in banks and int…

ITO, WD-32(3), Kolkata vs. M/S Bokaro Steel Employee'S Calcutta Co-Operative Society Ltd., Kolkata

In the result, for statistical purpose, the appeal of Revenue is treated as allowed

ITA 1314/KOL/2015[2012-2013]Status: DisposedITAT Kolkata21 Mar 2018AY 2012-2013

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Raviassessment Year:2012-13

Section 143(3)Section 56Section 79Section 80PSection 80P(2)(a)

…Iqbalpur Co-operative Bank development Union Ltd (2009) 315 ITR 441 (Uttarkhand) and the identical issue was also decided in favour of the assessee by the Hon'ble Patna High Court in the case of Bihar State Housing Co-operative Federation Ltd. Vs. CIT (2009) 315 ITR 286 (Pat). Therefore, on the facts and circumstances of the above cited case law, the AO was not right in taxing the business income of the assessee- society as interest income” which should be allowed in full u/s. 80P(2)(a)(i) of the Act as the same are for the interest of the members as well as the same are wholly and exclusively , the interest inc…

The Kerala State Homeopathic Co-Op Pharmacy Ltd, Alappuzha vs. The ACIT, Alappuzha

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 225/COCH/2016[2012-13]Status: DisposedITAT Cochin13 Mar 2018AY 2012-13

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri. A.Krishnan, AdvocateFor Respondent: Smt.Swapna Nanu Ambat

Section 10Section 143(3)Section 80Section 80PSection 80P(2)(d)Section 80P(4)

…ttarakhand HC] that interest earned by a society from its unutilized fund invested in banks other than co-operative bank is eligible for deduction u/s. 80 P. Further the Hon'ble Patna High Court in Bihar State Housing Co-operative Federation Ltd vs CIT [2009] 315 ITR 286 also supports the proposition that income earned on deposit of surplus funds with bank is entitled to exemption u/s. 80P of the Act. 3. The learned CIT [Appeals] has to appreciate the fact that any interest / dividend received by any Co- operative Society from its investment with any other Co-operative Society are subject to deduction u/s. 80 P…

ITO, WD-35(3), Kolkata vs. Kolkata Reserve Bank Employees Co-Operative Credit Society Ltd., Kolkata

In the result, Revenue’s appeal stands partly allowed

ITA 1340/KOL/2015[2012-2013]Status: DisposedITAT Kolkata18 Oct 2017AY 2012-2013

Bench: Hon’Ble Shri Waseem Ahmed & Shri S.S.Viswanethra Ravi

Section 143(3)Section 80P(1)Section 80P(2)(a)

…Development Union Ltd (2009) 315 ITR 441 (Uttarakhand). The assessee further submitted that identical issue was also decided in favour of the assessee by the Hon’ble Patna High Court in the case of Bihar State Housing Cooperative Federation Ltd. Vs CIT(2009) 315 ITR 286 (Pat). However, the AO disregarded the contention of the assessee by observing as under :- (i) The Hon’ble Supreme Court in the case of Totgar’s Co-operative Sale Society Ltd. Vs ITO reported in 188 Taxman 282 has held that interest earned on investment of funds not required immediately for the purpose of business cannot fall under the head “bus…

The Vidharbha Premier Co-Operative Housing Society Ltd, Nagpur vs. Tax Recovery Officer, Range-6, Nagpur

In the result these appeals by the assessee and revenue stand allowed for statistical purposes

ITA 232/NAG/2012[2009-10]Status: DisposedITAT Nagpur09 Jan 2017AY 2009-10

Bench: Shri Shamim Yahya & Shri Ram Lal Negi..

For Appellant: Shri Alok Bha gatFor Respondent: Shri A.R. Ninawe

Section 80PSection 80P(2)(a)Section 80P(2)(c)Section 80P(2)(d)

…re incidental and ancillary to the business of banking/providing credit facility to its members, and therefore eligible for deduction u/s 80P(2)(a)(i). 16) It is further submitted that in case of Bihar State Housing Co-operative Federation Ltd vs. CIT (2009) 315 ITR 286 (PAT), the Hon'ble High Court held that : ‘The interest earned on the deposits made does not arise out of one or more of the activities specified in Sc. 80P(2)(a)(i), but the interest received by the Assessee on the bank deposits is ancillary and incidental to carrying on the business of providing credit facility to its member and, as such, exe…

ITO, Ward-6(1), Nagpur vs. The Vidarbha Premier Co-Op. Housing Society, Nagpur

In the result these appeals by the assessee and revenue stand allowed for statistical purposes

ITA 224/NAG/2012[2009-10]Status: DisposedITAT Nagpur09 Jan 2017AY 2009-10

Bench: Shri Shamim Yahya & Shri Ram Lal Negi..

For Appellant: Shri Alok Bha gatFor Respondent: Shri A.R. Ninawe

Section 80PSection 80P(2)(a)Section 80P(2)(c)Section 80P(2)(d)

Sesec, Eco. Railway Employees Co Operative Credit Society Ltd., Kolkata vs. PCIT-10, Kolkata

In the result, the appeal filed by the assessee on this ground, is dismissed

ITA 621/KOL/2016[2011-2012]Status: DisposedITAT Kolkata28 Sept 2016AY 2011-2012

Bench: Hon’Ble Shri S.S.Viswanethra Ravi, Jm & Dr.Arjun Lal Saini, Am ] Assessment Year : 2011-12

For Appellant: Shri Subash Agarwal, AdvocateFor Respondent: Shri Rajat Subhra Biswas, CIT

Section 143(3)Section 154Section 263Section 80PSection 80P(2)(a)

…ing before the ld CIT(A) for adjudication. We also noticed that the following judicial precedents are available on the issue under consideration: (i). BIHAR STATE HOUSING CO-OPERATIVE FEDERATION LTD. vs. COMMISSIONER OF INCOME TAX-HIGH COURT OF PATNA (2009) 315 ITR 286 The interest earned on the deposits made does not arise out of one or more of the activities specified in s. 80P(2)(a)(i) but the interest received by the assessee on the bank deposit is ancillary and incidental to carrying on the business of providing credit facility to its members and, as such, exempt under the aforesaid provisions. It may be…

Ssk Pattin Sahakari Sangh Niyamit, Bagalkot vs. ITO, Bagalkot

In the result, the appeal filed by the assessee is allowed

ITA 1446/BANG/2013[2009-10]Status: DisposedITAT Bangalore26 Aug 2015AY 2009-10

Bench: Smt. Asha Vijayaraghavan, Jm (Smc)

For Appellant: Shri S. Ramasubramanian, CAFor Respondent: Dr. P.K.Srihari, Addl.CIT

Section 143(3)Section 80P(2)(a)Section 80P(4)

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH ‘B’, BANGALORE BEFORE SMT. ASHA VIJAYARAGHAVAN, JM (SMC) ITA No.1446(B)/2013 (Assessment year : 2009-10) SSK Pattin Sahakari Sangh Niyamit, Banakatti Road, Ilkal Taluk, District Bagalkot. PAN No.AACAS9807J Appellant Vs The Income-tax Officer, Ward-1, Bagalkot Respondent Assessee by : Shri S. Ramasubramanian, CA Revenue by : Dr. P.K.Srihari, Addl.CIT Date of hearing : 18-08-2015 Date of pronouncement : 26-08-2015 O R D E R PER SMT ASHA VIJAYARAGHAVAN, JM: This appeal by the assessee is directed against the order of CIT(A), Belgaum dated 14-08-2013 fo…