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Issues:
1. Interpretation of the judgment of the Hon'ble Supreme Court in CIT vs. Mysore Minerals Ltd. 2. Allowability of investment allowance in the case of job work of mining activities. 3. Error in citing the judgment in the order of the Tribunal. Analysis: Issue 1 - Interpretation of the judgment of the Hon'ble Supreme Court: The case revolved around the interpretation of the judgment of the Hon'ble Supreme Court in CIT vs. Mysore Minerals Ltd. The learned authorised representative contended that the observation made by the Bench regarding the judgment was incorrect. The representative argued that the decision cited by the Bench was for a different year and the Supreme Court's judgment did not reverse the earlier decision as stated. The representative emphasized that the granting of Special Leave Petition (SLP) does not automatically imply a stay on the operation of a judgment. The Tribunal was urged to rectify the error under Section 254(2) of the Act. Issue 2 - Allowability of investment allowance in job work of mining activities: The Assessing Officer (AO) did not examine the claim of investment allowance in accordance with the relevant provisions of the law, leading to the order being considered erroneous and prejudicial to the Revenue's interest. The Central Board of Direct Taxes (CBDT) found that the appellant was engaged in job work of mining activities without transforming the mined material into a new commodity. The Tribunal concluded that since there was no manufacture or production of a new article, the appellant was not entitled to the deduction for investment allowance. The Tribunal referenced similar cases to support its decision. Issue 3 - Error in citing the judgment in the Tribunal's order: The Tribunal made an error in citing the judgment of the Hon'ble Supreme Court, which led to confusion regarding the applicability of the judgment to the case at hand. The mistake was acknowledged, and the correct citation was provided to rectify the error. The miscellaneous application was allowed to correct the citation and clarify the position of law. In conclusion, the judgment addressed issues related to the interpretation of legal precedents, the allowability of investment allowance in specific business activities, and rectification of errors in citing legal judgments. The Tribunal's decision was based on a detailed analysis of the facts, legal positions, and relevant case laws, ultimately leading to the allowance of the miscellaneous application to correct the citation error.
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