9911796707
TMI Blog2015 (6) TMI 649X X X X Extracts X X X X X X X X Extracts X X X X ..... cumstances of the case, the Tribunal was right in reviewing its own order on merits? 2) Whether in the facts and circumstances of the case, the Tribunal was right in holding that the losses of the carton division do not have to be set off to arrive at business profits for the calculation of benefit u/s 80 HHC on the ground that the assessee maintained separate accounts?" 2. The facts, in a nutshell, are as hereunder :- The assessee is engaged in the export of marine products and manufacture of cartons. For the assessment year 2000-2001 and 2001-2002, the assessee claimed exemption u/s 80HHC of the Income Tax Act. However, the assessing officer reworked the same and levied tax appropriately. Aggrieved over the said assessment, the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wer of the Tribunal is only for rectification and not to review its order. It is further submitted that the Tribunal failed to advert to the well settled law in the case of IPCA Laboratories (supra) while reviewing the order and, therefore, the order passed by the Tribunal deserves to be set aside. It is further submitted that the computation of income has to be in accordance with the Act and not only the profits, but also the losses have to be taken into consideration as could be seen from Section 80AB of the Act, which has been given an overriding effect over all other sections in Chapter VIA. It is the further submission of the learned standing counsel that the decision of this Court in Rathore Brothers (supra) relied on by the Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evant facts are not available, we feel that this issue be set aside to the file of the Assessing Officer to find out the nature of export incentives and accordingly consider the claim of the assessee in view of the amended provisions as amended by the Taxation (Amendment) Act, 2005 and the provisos have been added to Section 80HHC (3) (a) (ii) with retrospective effect from 1st April, 1998. In view of this, this issue is remitted back to the file of the Assessing Officer as mentioned above." 7. From a reading of the order, it is clear that on the two issues raised, with regard to one of the issue, the issue was answered in favour of the assessee and with regard to the other issue, the issue was remanded back to the Tribunal for fresh consi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
