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TMI Blog1976 (6) TMI 39X X X X Extracts X X X X X X X X Extracts X X X X ..... igure. The ITO had considered thereby that steel re-rolling would be an item coming in the Fifth schedule. 2. Subsequently, the ITO has been advised that re-rolling will not come under the Fifth schedule. So he reopened the assessment and withdrew the 80-E deduction as well as the development rebate allowed at a higher rate. There were appeals to the Appellate Tribunal. While the appeals were p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble income of Rs. 65,912. The deduction under s. 80-E was allowed on the net figure of Rs. 65,912. 4. The assessee thereupon wrote a letter to the ITO on 23rd march, 1973. According to this letter, the assessee would be entitled to the 80-E deduction worked out on Rs. 1,50,223. For this purpose, the assessee relied on the decision of the Kerala High Court in Indian Transformers Ltd. reported in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court being binding on the ITO while giving effect to the Tribunal's order, he should have followed the principle laid down by the Kerala High court and allowed 80-E deduction on the amount before set off of the loss. In as much as he hand not done so, especially when the assessee had drawn his attention to the decision of the High Court there is a clear mistake on the face of the records. The as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... batable it ceases to be so within that State. It is in this sense that we hold that on 16th march, 1973 the matter was not debatable. The appeal referred to by the Departmental Representative was different on facts. Therein when the order was passed there was no decision of the High Court. The decision came subsequently. 7. For the reasons stated above, we would allow the appeal. - - TaxTMI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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