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2022 (4) TMI 1267 - ITAT AHMEDABADRevision u/s 263 - Assessee claimed as exempt on principle of mutuality as per section 80P - assessee made investment in fixed deposits in nationalized bank (SBI and Union Bank of India) and co-operative bank and interest received thereon was claimed as exempt - HELD THAT:- Neither the Ld. A.O. nor the Ld. Pr. CIT has considered the decision by Supreme Court of India in the case of Bangalore Club [2013 (1) TMI 343 - SUPREME COURT] wherein it has been has held that interest earned by assessee-club on fixed deposits from its member banks would not be exempt from tax on basis of doctrine of mutuality. When we brought this fact to the attention of the parties, the Ld. counsel for the assessee submitted that facts of the Supreme Court decision in Bangalore Club supra is distinguishable on facts and assessee's case is covered by the decision of M/s. Sakar Corporation (supra). In our considered view, the Ld. A.O. has while passing the original assessment order has not considered certain important factual aspects. We accordingly restore the matter to the file of A.O. to analyze the applicability of the decisions cited above in the assessee's set of facts and pass a de-novo assessment after providing reasonable opportunity to the assessee.
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