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2018 (3) TMI 1826 - AT - Income TaxEligible deduction u/s 80P [2] - interest earned by the appellant on Deposits made by the appellant - HELD THAT:- In the case of PCIT and Another Vs. Totagars Co-operative Sale Society [2017 (7) TMI 1049 - KARNATAKA HIGH COURT] it was noted that the amount which was invested was not the own money of the assessee but it was liability of the assessee society and therefore, the issue was decided against the assessee whereas in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO [2015 (2) TMI 995 - KARNATAKA HIGH COURT] it was noticed that the money deposited in bank was not liability of the assessee and it was assessee’s own money and therefore, the issue was decided in favour of the assessee. In the present case, a categorical finding was given by CIT(A) that the amount deposited in bank was surplus of the assessee and this is not the case of the revenue that amount was liability of the assessee. In the case of PCIT and Another Vs. Totagars Co-operative Sale Society(supra), it was noted that the amount which was invested was not the own money of the assessee but it was liability of the assessee society and therefore, the issue was decided against the assessee whereas in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (supra), it was noticed that the money deposited in bank was not liability of the assessee and it was assessee’s own money and therefore, the issue was decided in favour of the assessee. In the present case, a categorical finding was given by CIT(A) that the amount deposited in bank was surplus of the assessee and this is not the case of the revenue that amount was liability of the assessee. Hence decide the issue in favour of the assessee.
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