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2018 (12) TMI 1448 - AT - Income TaxEligibility for deduction u/s 80P (2) - Assessee Society as not a cooperative Bank - investment or deposit in bank was out of assessee’s own funds - Held that:- In the present case, there is no discussion in the orders of the lower authorities on this factual aspect as to whether the deposit in bank was out of assessee’s own funds or out of liability and therefore, we feel it proper to set aside the order of CIT(A) and restore the matter back to the file of AO for fresh decision after examining the facts of present case in the light of these two judgments of Hon'ble Karnataka High Court rendered in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. vs. ITO [2015 (2) TMI 995 - KARNATAKA HIGH COURT] and in the case of PCIT and Another Vs.Totagars Co-operative Sale Society Ltd. [2017 (7) TMI 1049 - KARNATAKA HIGH COURT] and also the judgment of Hon’ble Apex Court rendered in the case of The Totgars Cooperative Sale Society Limited Vs. ITO [2010 (2) TMI 3 - SUPREME COURT] and then decide the issue afresh - Appeal filed by the revenue as allowed for statistical purposes.
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