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2020 (6) TMI 405 - AT - Income TaxDeduction u/s 80P disallowed - AO has disallowed the claim for deduction u/s 80P of the Act holding that the assessee would be hit by sec.80P(4) - it is the contention of the assessee that the assessee is carrying on money lending activity mainly with its Members and hence it cannot be categorized as Bank as held by the Assessing Officer - HELD THAT:- A.R submitted that there are decided cases on this issue in favour of the assessee. Further, the quantum of interest income to be taxed under other sources has also been decided by the Hon'ble Karnataka High Court in the case of Totgar Co-operative Sale Society Ltd. [2008 (9) TMI 493 - KARNATAKA HIGH COURT] In view of above said legal developments, we feel it appropriate to restore all the issues to the file of the Assessing Officer for examining them afresh in the light of various decisions rendered by Hon'ble High Court and Hon'ble Supreme Court. Accordingly, we set aside the orders passed by the CIT (Appeals) in all the three years under consideration and restore them to the file of Assessing Officer for examining them afresh. Appeals filed by the assessee allowed for statistical purposes
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