2001 (1) TMI 919

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..... case, the Commissioner of Income-tax (Appeals)-XII, Calcutta, erred in holding that the deduction under section 80HHC is allowable before setting off losses. None appeared on behalf of the assessee in spite of notice of registered acknowledgment due. Nor is there any application for adjournment on behalf of the assessee. We decided to dispose of the appeals on the basis of the material on recor .....

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..... ubmissions of the assessee computed the deductions allowable to the assessee under section 80HHC of the Act at Rs.20,07,388. We further observe that the Assessing Officer passed two orders under section 154 of the Act dated March 16, 1995, and November 27, 1995, and held that the assessee was allowed excess deduction under section 80HHC of the Act as the deduction to the assessee was allowable und .....

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..... ule 18BBA in the prescribed Form No. 10CCA as held by Income-tax Appellate Tribunal, Delhi Bench, in the case of International Research Park Laboratories Ltd. v. Asst. CIT [1995] 212 ITR (AT) 1 (Delhi) [SB]. The learned Commissioner of Income-tax (Appeals) accepted the contention of the assessee that there could be two views as well on the extent of deduction allowable. Therefore, the allowance of .....

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