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2015 (10) TMI 2583 - ITAT BANGALOREEligibility to deduction u/s.80P - whether assessee was eligible for deduction u/s.80P(2)(a) or 80P(2)(d) of the Act, on the interest received by it? - Held that:- What we find is that in case the interest was received from surplus invested by the assessee in short-term FDs or Savings Bank account of other banks, then the judgment of jurisdictional High Court in the case of Tumkur Merchants’ Souharda Credit Cooperative Ltd [2015 (2) TMI 995 - KARNATAKA HIGH COURT ] would come to its aid. However, if the money deposited was amounts lent to the assessee by its members, or due by the assessee to its members then such deduction may not be automatic. We are therefore of the opinion that the issue requires a fresh look by the AO. We set aside the orders of authorities below and remit the issue back to the file of the AO for consideration afresh in accordance with law. - Decided in favour of revenue for statistical purpose..
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