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TMI Blog2018 (9) TMI 1249X X X X Extracts X X X X X X X X Extracts X X X X ..... 08 on the following substantial question of law: "Whether in the facts and circumstances of the case, the Tribunal was right in holding that the issue of exclusion of export incentive from total turnover for the purpose of deduction under Section 80HHC is not a debatable issue and is rectifiable under Section 154 ?" 3. Heard Mr.Karthik Ranganathan, learned Senior Standing Counsel for the Revenue and Mr.M.P.Senthil Kumar, learned counsel for the respondent/Assessee. 4. The short issue, which falls for consideration, is whether the application filed by the Assessee under Section 154 of the Income Tax Act, 1961 (in short, "the Act") to rectify the intimation dated 21.11.2005 was maintainable and whether the Assessee should be permitted to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... were dismissed by the impugned order dated 06.12.2007. 7. The Revenue's contention is that the scope of Section 154 of the Act to rectify the intimation is very much limited and even according to the Assessee, they have omitted to deduct the export incentives from the total turnover, the only remedy available to the Assessee is to file a revised return under Section 139(5) of the Act and the time expired in March, 2003, whereas, the rectification application was filed in November 2005. Therefore, it is submitted that the orders passed by the Commissioner (Appeals) as well as the Tribunal call for interference. 8. We have examined the factual position in the instant case and we find that the assessee has made a claim for deduction unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... forward, deduction, allowance or relief which, on the basis of the information available in such return, accounts or documents, is prima facie admissible but is not claimed in the return, can be allowed; and similarly (3) any such loss carried forward, deduction, allowance or relief which is claimed in the return but which, on the basis of the information available in such return, accounts or documents, is prima facie inadmissible, shall be disallowed. Apart from these provisions, sub-section (2) of Section 143 empowers the Income-tax Officer, if he considers it necessary or expedient to ensure that the assessee has not understated the income or has not computed excessive loss or has not underpaid the tax in any manner, to serve on the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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