2004 (5) TMI 52 - PUNJAB AND HARYANA HIGH COURT

CIT observed that while working out the deduction u/s 80HHC there was a negative figure of profit at one stage which had been ignored by the AO and thereby excess deduction had been allowed - Accordingly, he held that the order passed by AO was erroneous - Tribunal by allowing the appeal of the assessee against the order passed by the Commissioner u/s 263 has recorded a finding that the computation made by the AO was in accordance with the view expressed by various Benches of the ITAT, which have been discussed in detail in the order itself. Thus, it has been observed that since the view taken by the Assessing Officer was a possible view, the Commissioner had no jurisdiction to exercise power u/s 263 and treat the order to be erroneous in any manner - no substantial question of law arises out of the order of the Tribunal