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TMI Blog2016 (12) TMI 949X X X X Extracts X X X X X X X X Extracts X X X X ..... ted Capsules Pvt. Ltd v. CIT ,(2012 (2) TMI 101 - SUPREME COURT OF INDIA). Be that as it may, what is relevant is that the impugned decision could not have been taken by the Assessing Officer in a summary manner so as to suggest that there is a mistake apparent from record. Notably, a mistake apparent from record is one which is patent and obvious, on which no two views are possible. Therefore, the action of the Assessing Officer is beyond the scope and ambit of section 154 of the Act and the same is hereby set-aside and assessee succeeds. - ITA No. 2611/Mum/2016 - - - Dated:- 9-12-2016 - Shri G. S. Pannu, Accountant Member Appellant by : Shri Sunil Hiravat Respondent by : Mr. S.R.Kirtane ORDER The captioned appeal fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from record and accordingly scaled down the allowable deduction to the assessee under section 80HHC of the Act to the extent of ₹ 2,88,385/- i.e. 90% of ₹ 3,20,428/-. The said decision of the Assessing Officer has also been affirmed by the CIT(A). 4. In this context, the Ld. Representative for the assessee explained that what was required to be excluded in terms of clause (1) of Explanation (baa) to section 80HHC of the Act was the net interest receipts and in the present case, assessee had paid interest of ₹ 6,06,284/- and after reducing the interest receipt of ₹ 3,28,428/-, there remains a net debit to the P L Account of ₹ 2,85,856/-, thereby showing that there was no positive interest income so as to b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t in the ACG Associated Capsules Pvt. Ltd v. CIT , 343 ITR 89 (SC). Be that as it may, what is relevant is that the impugned decision could not have been taken by the Assessing Officer in a summary manner so as to suggest that there is a mistake apparent from record. Notably, a mistake apparent from record is one which is patent and obvious, on which no two views are possible. Therefore, without going into the merits of the adjustment made by the Assessing Officer, in my view, the action of the Assessing Officer is beyond the scope and ambit of section 154 of the Act and the same is hereby set-aside and assessee succeeds. 7. In the result, the appeal of the assessee is allowed, as above. Order pronounced in the open court on 09/12/201 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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