TMI Blog2018 (12) TMI 1448X X X X Extracts X X X X X X X X Extracts X X X X ..... aka 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. - ITA No.2066/Bang/2018 - - - Dated:- 16-11-2018 - Shri Arun Kumar Garodia, Accountant Member And Shri Laliet Kumar, Judicial Member For the Appellant : Smt. Srinandini Das, Addl. CIT (DR) For the Respondent : Shri Govind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly defined in the Karnataka Co-operative Society Act,1959 that any Co-operative Society engaged in the Business of Banking is termed as Cooperative Bank ? 6. For these and other grounds that may be urged upon at the time of hearing, it is prayed that the order of CIT(A) in so far as it relates to the above grounds, may be reversed and that of the Assessing Officer may be restored. 7. The appellant craves leave to alter, amend or delete any of the grounds mentioned above and / or add any new grounds on or before the hearing. 3. The ld. DR of revenue supported the assessment order. She drawn our attention to para no. 7 on page no. 9 of the assessment order and pointed out that the AO has followed the judgement of Hon ble Apex C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vs. ITO (supra), it was found that the investment or deposit in bank was out of assessee s own funds and not out of liability of the assessee whereas in the case of PCIT and Another Vs. Totagars Cooperative Sale Society Ltd. (supra), it was found that the deposit in bank was out of assessee s liability and not out of assessee s own funds. 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&# ..... X X X X Extracts X X X X X X X X Extracts X X X X
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