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2010 (11) TMI 775 - PUNJAB AND HARYANA HIGH COURTRectification of Assessment order - application u/s 154 claiming that deduction u/s 80-I was to be allowed on the gross total income without reducing it by unabsorbed allowances - Held that:- Relying upon the decision of Kotagiri Industrial Co-operative Tea Factory Ltd. (1997 (3) TMI 1 - SUPREME Court) wherein held that deduction under section 80P is from gross total income determined in accordance with the provisions of the Act and unabsorbed losses of the earlier years are to be set off before allowing the deduction under section 80P of the Act - thus legal position on the basis of which rectification under section 154 of the Act had been initiated stood crystallized in 1985, it cannot be said that the issue was debatable when Assessing Officer assumed jurisdiction to rectify order and rectification done was in order, no illegality is noticed in the order of the Tribunal and finding no merit in the appeal hence dismissed.
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