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2011 (11) TMI 273 - HC - Income TaxValidity of Notice under 154 - One of the grounds on which the Assessing Officer issued the notice under Section 154 of the Act was that the loss suffered by the assessee from the export of trading goods, amounting to Rs.68,37,193/- ought to have been adjusted against 90% of the export incentives under the proviso to Section 80HHC(3) and the omission to do so in the assessment order passed on 31st March, 2004 was a mistake apparent from the record which needed rectification. - Held That:- where any matter has been decided by supreme court it becomes law of the land, Reliance placed on CIT (Asst.) v. Saurashtra Kutch Stock Exchange Ltd. (2003 - TMI - 11786 - GUJARAT High Court) - the rectification has been done on the basis of a judgment of the Supreme Court which is binding under Article 141 of the Constitution of India. In our considered view, the judgment of the Supreme Court in Saurashtra Kutch Stock Exchange Ltd. applies a fortiori to the present case. - and concluded that notice under 154 (mistake apparent from records) can be issued on such matters.
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