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TMI Blog2014 (10) TMI 264X X X X Extracts X X X X X X X X Extracts X X X X ..... d are items of expenses, then, such findings of fact cannot be termed as perverse - this explanation was totally misread and misapplied by the AO and the Commissioner in their orders – the order of the Tribunal is upheld – Decided against the revenue. - Income Tax Appeal No. 569 of 2012, Income Tax Appeal No. 796 of 2012, Income Tax Appeal No. 957 of 2012 - - - Dated:- 19-9-2014 - S. C. Dharmad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich is the explanation for the purposes of entire section 80HHC envisages that the profits of the business stand reduced by 90% of any sum and which is stipulated in clause (1) of the said explanation. In this case we are concerned with this clause and interpretation placed by the tribunal on this clause is vitiated by a error of law apparent on the face of record. Therefore, this Court should pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tribunal's order. We find from the discussion in the tribunal's order and particularly paragraphs 33.2, 33.3 and preceding paragraphs that the tribunal has correctly appreciated the nature of amounts. They were sundry credit balances returned back. The components of the expenses which have been incurred are detailed in paragraph 33.3. The tribunal has in consonance with the factual materi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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