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2015 (2) TMI 811 - MADRAS HIGH COURTRectification of mistake - intimation under Section 143(1) rectified - whether question of admissibility of deduction of interest income under Section 10B of the Act is a mistake apparent from the face of the record and hence the intimation under Section 153(1) can be rectified in a proceeding under Section 154 - Held that:- The interest earned from deposits with Corporation Bank, Electricity Board and on Staff advances does not have direct or immediate nexus with the business of the assessee's undertaking and consequently, they are not eligible for grant of deduction under Section 10B of the Act, which is akin to Section 80HH of the Act The order passed by the Assessing Officer under Section 154 of the Act is valid in the eye of law and the same has been rightly upheld by the Tribunal, as the true intent behind passing such a rectification order is to ensure that the law laid down by the Supreme Court in Pandian Chemicals case,[2003 (4) TMI 3 - SUPREME Court] is stricto sensu given effect to. - Decided against assessee.
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