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Documents citing Bihar State Co-Operative Bank Ltd. vs Commissioner Of Income-Tax on 2 July, 1957

Surat District Co-Operative Bank Ltd. ... vs Income Tax Officer And Ors. on 20 November, 2002

It was also observed that the Hon'ble Supreme Court in the case of Bihar State Co-operative Bank Ltd. (supra) has held that even fixed term deposits, which can be encashed as and when need arises, will be part of stock-in-trade. The Hon'ble Gujarat High Court held that the assesses is entitled to grant of deduction under Section 80P of the Act in respect of such interest income.
Income Tax Appellate Tribunal - Ahmedabad Cites 77 - Cited by 51 - Full Document

Gujarat State Co-Operative Bank Ltd. vs Commissioner Of Income-Tax on 29 November, 2000

129. The contention of Mr. Joshi for the Revenue (para 16.2 II) that the investments made as authorised under bye-laws of the assessee-bank which permits investment of only surplus funds (meaning funds not required for the business of banking) has not been disputed on behalf of the assessee-bank and, therefore, the case goes out of the ratio of the Bihar State Co-op. Bank (supra) and all subsequent decisions.
Gujarat High Court Cites 72 - Cited by 28 - M S Shah - Full Document

Addl. Commissioner Of Income-Tax, ... vs Ahmedabad District Co-Operative Bank ... on 22 August, 1974

5. It was, therefore, urged by Mr. Kaji on behalf of the revenue that in all the case where co-operative banks invest their moneys in Government securities or municipal debentures, it cannot be inferred as a matter of course that the banks have done so for purposes of maintaining liquid capital to meet with the demands of the customers of those banks. According to Mr. Kaji, the very fact that the value of the Government securities and municipal debentures in the present case remained almost static for all these assessment years, clearly indicated that they were, for all intents and purposes, investment of the bank rather than part of their stock-in-trade. We are not inclined to accept this broad submission of Mr. Kaji in view of the decision of the Supreme Court in Bihar State Co-operative Bank Ltd. v. Commissioner of Income-tax, where the court was concerned in an appeal by the Bihar State Co-operative Bank which had as one of its objects the carrying on of general bank in business not contrary to the provisions of the Co- operative Societies Act. The said bank received interest on short-term deposits which it had made with the Imperial Bank of India.
Gujarat High Court Cites 15 - Cited by 21 - Full Document

Farrukhabad Gramin Bank vs Assistant Commissioner Of Income Tax on 23 February, 2006

11.35 It is seen that all these judgments have been rendered -following the judgment of the apex Court in the case of Bihar State Co-operative Bank Ltd. (supra) which has taken into consideration the provisions of the Bihar Act Clause 4III(1) of the bye-laws and Section 19 of the Bihar Act in the case of cooperative society. Clause one of the aims was to carry or general business of banking.
Income Tax Appellate Tribunal - Agra Cites 117 - Cited by 1 - Full Document

State Bank Of India vs Inspecting Assistant Commissioner on 20 July, 1983

48. The assessee has claimed loss on revaluation of its shares which were held by it as stock-in-trade. The assessee is a banker. It deals in money. The shares and securities held by it are stock-in-trade--See Bihar State Co-operative Bank Ltd. v. CIT [1960] 39 ITR 114 (SC). Therefore, how the shares and securities had been shown in the balance sheet is not material, once it is found that the assessee being a banker, is a dealer in money. The assessee has filed details of losses at pages 62 to 66 of its second paper book. The assessee is valuing its stock as it was valuing in earlier years. However, it did not claim such losses in the earlier years. The loss has been claimed during the assessment year 1975-76. The income of the assessee could correctly be determined if the loss of the assessee on revaluation of stock is properly considered.
Income Tax Appellate Tribunal - Kolkata Cites 129 - Cited by 0 - Full Document

Deputy Commissioner Of Income-Tax vs Nedungadi Bank Ltd. on 22 March, 2001

In the case of Bihar State Co-operative Bank (supra), the Hon'ble Supreme Court held that the assessee who is carrying on the general business of banking, its normal business being to deal in money and credit, its normal mode of carrying on banking business is to invest moneys in such a manner that they are readily available. The money laid out in the form of deposits did not cease to be part of the assessee's circulating capital. Hence, it was held, in that case that interest received from such deposits arose from the business of the bank and was exempt from income-tax under the notifications and nothing turned on the manner in which the assessee chose to show this income in its return. In the instant case of the assessee also, the assessee made investments in approved Government securities in order to keep the S.L.R. requirement intact. We have already noted hereinabove that the assessee is not prevented from buying and selling the approved securities but the assessee is required to maintain a minimum ratio intact so as to satisfy the interest of the general public who are dealing with the assessee-bank. Therefore, we hold that the investments made by the assessee in approved Government securities form part of its stock-in-trade and, therefore, the claim of depreciation on the revaluation of the securities was rightly claimed by the assessee. Hence, for the reasons mentioned hereinabove, we find no merit in the appeals of the Revenue for the three assessment years in question. The appeals by the Revenue are dismissed.
Income Tax Appellate Tribunal - Cochin Cites 38 - Cited by 84 - Full Document

M/S Nanda Nagar Sahkari Sakh Santha, ... vs The Ito 3(3), Indore on 3 August, 2018

Clause 6(1)(a) is one of the items of businesses referred to in section 6(1) of the Regulation Act. Further, in the case of Kerala State Co-operative Marketing Federation Ltd. & Ors. (supra) the Honble Supreme Court has observed that whenever a question arises as to whether any particular category of income of a co-operative society is exempt from tax, what has to be considered is, as to whether the income falls within one of the several heads of the exemption and if it falls within any one of the heads of the exemption, it would be free from taxes notwithstanding that the conditions of another head of exemption are not satisfied and such income is not free from tax under that head of exemption. The Honble Supreme Court has observed that the correct way of reading the different heads of exemption enumerated in the section would be to treat each as a separate and distinct head of exemption. In this connection, it 11 Nanda Nagar Sahkari Sanstha is useful to refer to the observation made by the court at p, 819 of the judgment, which reads as hereunder :
Income Tax Appellate Tribunal - Indore Cites 26 - Cited by 0 - Full Document
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