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2020 (2) TMI 1150 - HC - Income TaxDeduction u/s 80P - exemption claimed on interest income received by the petitioner from deposits/investments of funds in Banks - Such income, according to the Officer, was ineligible for deduction under Section 80P, since it did not form part of the operational income of the petitioner/assessee and was liable to be taxed in terms of Section 56 - HELD THAT:- W.P. set aside to this extent and the matter are remanded to the file of the Assessing Officer for denovo consideration. For this purpose, the petitioner shall appear before the Assessing Officer on 26.02.2020 at 10.30. a.m. without expecting any further notice. The petitioner will be heard specifically on the question of classification of interest generated by investments made for the purpose of statutory reserve and the judgments of the Supreme Court in Nawanshahar [2005 (8) TMI 28 - SC ORDER] and Totgars' [2010 (2) TMI 3 - SUPREME COURT] as well as other relevant case law shall be taken into account by the Assessing Officer in framing assessment by way of a speaking and detailed order. This exercise shall be completed within a period of six (6) weeks from date of conclusion of personal hearing.
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