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TMI Blog2017 (3) TMI 437X X X X Extracts X X X X X X X X Extracts X X X X ..... held that the assessee would be entitled to deduction under Section 80HH of the Income tax Act on the net profit and not on the gross profit. Though the Full Bench of this Court has decided the issue in the year 2009, the Hon'ble Supreme Court had decided the same way back in the year 2000 in the matter of Motilal Pesticides India Private Limited. Since the Assessing Officer had permitted the deduction under Section 80HHA and 80I of the Act on the gross profit, the Assessing Officer was justified in rectifying the mistake as permitting the deduction under Section 80HHA and 80I of the Act on the gross income was an error apparent on the face of record. - Income Tax Appeal No. 04, 3, 6, 7, 8 of 2001 - - - Dated:- 2-3-2017 - Smt. Vasanti A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e carried the matter to the Income Tax Appellate Tribunal, Nagpur. The Income Tax Appellate Tribunal allowed the appeals of the Revenue and held that in view of the judgment of the Hon'ble Supreme Court in the case of Motilal Pesticides India Private Limited vs. Commissioner of Income Tax, Delhi, reported in 2000 DGLS (SC) 356, the Assessing Officer was justified in rectifying the mistake under Section 154 of the Act. The Tribunal held that the law was well settled and the action of the Assessing Officer of rectifying the mistake was in conformity with the judgment of the Hon'ble Supreme Court. Shri N.S. Bhattad, the learned counsel for the appellant- assessee submitted that when the issue whether deduction under Sections 80HHA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Though we have framed the question whether a issue which is debatable could be corrected under Section 154 of the Act , the same would not arise for consideration in the circumstances of the case. The issue was not debatable, as the same was decided by the Hon'ble Supreme Court in the year 2000. In the judgment, reported in 2000 DGLS (SC) 356, the Hon'ble Supreme Court has held that the assessee would be entitled to deduction under Section 80HH of the Income tax Act on the net profit and not on the gross profit. Though the Full Bench of this Court has decided the issue in the year 2009, the Hon'ble Supreme Court had decided the same way back in the year 2000 in the matter of Motilal Pesticides India Private Limited. Since the A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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