{"id":197345,"date":"2001-08-22T00:00:00","date_gmt":"2001-08-21T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/commissioner-of-income-tax-vs-karnataka-state-cooperative-apex-on-22-august-2001"},"modified":"2018-08-09T01:33:05","modified_gmt":"2018-08-08T20:03:05","slug":"commissioner-of-income-tax-vs-karnataka-state-cooperative-apex-on-22-august-2001","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/commissioner-of-income-tax-vs-karnataka-state-cooperative-apex-on-22-august-2001","title":{"rendered":"Commissioner Of Income Tax, &#8230; vs Karnataka State Cooperative Apex &#8230; on 22 August, 2001"},"content":{"rendered":"<div class=\"docsource_main\">Supreme Court of India<\/div>\n<div class=\"doc_title\">Commissioner Of Income Tax, &#8230; vs Karnataka State Cooperative Apex &#8230; on 22 August, 2001<\/div>\n<div class=\"doc_bench\">Bench: S.P. Bharucha, Y.K. Sabharwal, Ashok Bhan<\/div>\n<pre>           CASE NO.:\nAppeal (civil)  4646-4648 of 2000\n\nPETITIONER:\nCOMMISSIONER OF INCOME TAX, KARNATAKA-III\n\nRESPONDENT:\nKARNATAKA STATE COOPERATIVE APEX BANK\n\nDATE OF JUDGMENT: 22\/08\/2001\n\nBENCH:\nS.P. BHARUCHA &amp; Y.K. SABHARWAL &amp; ASHOK BHAN\n\nJUDGMENT:\n<\/pre>\n<p>JUDGMENT<\/p>\n<p>2001 Supp(2) SCR 35<\/p>\n<p>The Judgment of the Court was delivered by<\/p>\n<p>BHARUCHA. J. These appeals have been referred to a Bench of three learned<br \/>\nJudges, in view of the apparent conflict between the two judgments (of<br \/>\nBenches of two learned Judges of this Court) in M.P. Cooperative Bank<br \/>\nLimited, Jabalpur v. Additional Commissioner of Income Tax, Madhya Pradesh,<br \/>\nBhopal, [1996] 2 SCC 541 and <a href=\"\/doc\/1996159\/\">Commissioner of Income Tax, Bangalore v.<br \/>\nBangalore District Cooperative Central Bank Limited,<\/a> [1998] 6 SCC 129.\n<\/p>\n<p>The question in appeal relates to, what was Section 80(i) and is now<br \/>\nSection 80-P of the Income Tax Act, 1961, which reads thus :\n<\/p>\n<p>&#8220;80-P. (i) Where, in the case of an assessee being a cooperative society,<br \/>\nthe gross total income includes any income referred to in subsection (2),<br \/>\nthere shall be deducted, in accordance with and subject to the provisions<br \/>\nof this section, the sums specified in sub-section (2), in computing the<br \/>\ntotal income of the assessee.\n<\/p>\n<p>(2) The sums referred to in sub-section (1) shall be the following, namely<br \/>\n:\n<\/p>\n<p>(a) in the case of a cooperative society engaged in-\n<\/p>\n<p>(i) carrying on the business of banking or providing credit facilities to<br \/>\nits members, or<\/p>\n<p>(ii)-(vii) the whole of the amount of profits and gains of business<br \/>\nattributable to any one or more of such activities :\n<\/p>\n<p>The question in appeal reads :\n<\/p>\n<p>&#8220;Whether, on the facts and in the circumstances of the case, the Appellate<br \/>\nTribunal was right in law in holding that the interest income arising from<br \/>\nthe investment made out of reserve fund is exempt under Sec.80-P (2) (a)\n<\/p>\n<p>(i) of the Income Tax Act ?&#8221;\n<\/p>\n<p>In the case of M.P. Cooperative Bank Limited, this court noted instructions<br \/>\nof the Madhya Pradesh Government which required the investment of the<br \/>\nreserve funds of apex banks and observed that, by reason thereof no part of<br \/>\nthe Reserve Fund could be utilised as working capital nor could any part of<br \/>\nthe Reserve Fund deposits be withdrawn except with the permission of the<br \/>\nRegistrar to meet losses or at the time of winding up and not otherwise. In<br \/>\nthe circumstances, the Revenue contended that the securities relating to<br \/>\nthe Reserve Fund could never be considered to be the circulating or working<br \/>\ncapital of the bank or its stock-in-trade to qualify for exemption under<br \/>\nSection 81 of the Income Tax Act. The court noted that a cooperative bank<br \/>\nwas legally obliged to place certain Government securities with the State<br \/>\nBank or the Reserve Bank of India and these securities could not be<br \/>\nwithdrawn by the bank at its will and could only be withdrawn in certain<br \/>\nsituations, as referred to hereinabove. It was, therefore, difficult, the<br \/>\ncourt said, to comprehend how such Government securities relating to the<br \/>\nreserve fund could be considered the bank&#8217;s stock-in-trade or circulating<br \/>\ncapital. It was understood in banking parlance that circulating capital was<br \/>\nthat which was put into circulation or turned over to earn profit.<br \/>\nGovernment securities coming out of the Reserve Fund, which could not be<br \/>\neasily encashed and which could be utilised only when the contingencies<br \/>\nmentioned arose, could not be considered circulating capital or stock-in-<br \/>\ntrade. The court, therefore, came to the conclusion, of first principles,<br \/>\nthat the interest on Government securities placed with the State Bank or<br \/>\nthe Reserve Bank of India would not qualify for exemption under Section 81<br \/>\n(now, Section 80-P) of the Income Tax Act. Such investment could not be<br \/>\nregarded as an essential part of banking activity inasmuch as the same did<br \/>\nnot form part of stock-in-trade or working or circulating capital.\n<\/p>\n<p>This judgment was cited before the Bench of two learned Judges which<br \/>\ndecided the case of the Bangalore District Cooperative Central Bank Limited<br \/>\nIt was considered as having been rendered on its own facts and not<br \/>\napplicable to the case of Bangalore District Cooperative Central Bank<br \/>\nLimited in view of the finding of the Tribunal that the income in question<br \/>\nwas attributable to the business of that assessee. The court referred to<br \/>\nthe Banking Regulation Act, the Karnataka Cooperative Societies Act and the<br \/>\nKarnataka Cooperative Societies Rules, which showed that the investments<br \/>\nthat had been made by the assessee were in compliance with the statutory<br \/>\nprovisions and in order to carry on the business of banking. They were<br \/>\nnecessary and, consequently, they were part of the business activities of<br \/>\nthe assessee falling within the scope of Section 80-P(2)(a)(i).\n<\/p>\n<p>We do not agree with the finding of the Bench which decided the Bangalore<br \/>\nDistrict Cooperative Central Bank Limited case that the decision in the<br \/>\ncase of M.P. Cooperative Bank Limited was rendered on its own facts. The<br \/>\nlatter decision was clearly a reasoned decision.\n<\/p>\n<p>The question is whether we agree with the reasoning in M.P. Cooperative<br \/>\nBank Limited. There is no doubt, and it is not disputed, that the assessee-<br \/>\nCooperative bank is required to place a part of its funds with the State<br \/>\nBank or the Reserve Bank of India to enable it to carry on its banking<br \/>\nbusiness. This being so. any income derived from funds so placed arises<br \/>\nfrom the business carried on by it and the assessee has not, by reason of<br \/>\nSection 80-P(2)(a)(i), to pay income tax thereon. The placement of such<br \/>\nfunds being imperative for the purposes of carrying on the banking<br \/>\nbusiness, the income derived therefrom would be income from the assessee&#8217;s<br \/>\nbusiness. We are unable (o lake view that found favour with the Bench that<br \/>\ndecided the case of M.P. Cooperative Bank Limited that only income derived<br \/>\nfrom circulating or working capital would fall within Section 80-P(2)(a)\n<\/p>\n<p>(i). There is nothing in the phraseology of that provision which makes it<br \/>\napplicable only to income derived from working or circulating capital.\n<\/p>\n<p>In the premises, we take the view that the decision of this court in the<br \/>\ncase M.P. Cooperative Bank Limited does not set down the correct law and<br \/>\nthat the law is as we have put it above. The question, accordingly, is<br \/>\nanswered in the affirmative and in favour of the assessee.\n<\/p>\n<p>The civil appeals are dismissed. No order as to costs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Supreme Court of India Commissioner Of Income Tax, &#8230; vs Karnataka State Cooperative Apex &#8230; on 22 August, 2001 Bench: S.P. Bharucha, Y.K. Sabharwal, Ashok Bhan CASE NO.: Appeal (civil) 4646-4648 of 2000 PETITIONER: COMMISSIONER OF INCOME TAX, KARNATAKA-III RESPONDENT: KARNATAKA STATE COOPERATIVE APEX BANK DATE OF JUDGMENT: 22\/08\/2001 BENCH: S.P. BHARUCHA &amp; Y.K. SABHARWAL [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[30],"tags":[],"class_list":["post-197345","post","type-post","status-publish","format-standard","hentry","category-supreme-court-of-india"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Commissioner Of Income Tax, ... vs Karnataka State Cooperative Apex ... on 22 August, 2001 - Free Judgements of Supreme Court &amp; High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/commissioner-of-income-tax-vs-karnataka-state-cooperative-apex-on-22-august-2001\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Commissioner Of Income Tax, ... vs Karnataka State Cooperative Apex ... on 22 August, 2001 - Free Judgements of Supreme Court &amp; 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