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2013 (3) TMI 247 - RAJASTHAN HIGH COURTEligibility for deduction u/s 80-HHC - Income surrendered on account of increased valuation of closing stock during the course of a survey under Section 133-A conducted at the business place of assessee - ITAT allowed the claim - Held that:- Deduction under section 80HHC is available only on showing fulfillment of the conditions specified therein & as categorically held by the two appellate authorities below that there is no case made out against the respondent assessee that there was any violation of conditions prescribed under Section 80HHC of the Act. The said findings of facts are indisputably binding on this Court under Section 260A while dealing with substantial question of law already framed. ITAT was justified in allowing the deduction under Section 80HHC on the excess stock valuation found during the course of survey and surrendered as business income of the assessee during the assessment year and the same being treated as “profits of business” for the relevant assessment year, were eligible for the deduction under Section 80HHC to the extent prescribed under sub-section (1B) of Section 80HHC - in favour of assessee.
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