TMI Blog2013 (10) TMI 367X X X X Extracts X X X X X X X X Extracts X X X X ..... (1B) of section 80HHC of the Act – Held that:- Claim of the assessee was genuine and acceptable on merits - A.O. Himself has stated in the assessment order that although the claim of the assessee is genuine - There is no dispute that the claim of the assessee is genuine and is in accordance with the judgment of Hon'ble Apex Court rendered in the case of Ajanta Pharma Ltd [2010 (9) TMI 8 - SUPREME ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue. 3. The issue is in a narrow compass and relates to the deduction claimed by the assessee under Section 80HHC(1B) of the Income Tax Act, 1961. The benefit was claimed by the respondent by addressing a letter dated 23.05.2005 after the Assessing Officer had already passed the assessment order. It was submitted by the assessee in the letter that in the assessment order entire export profit was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ght of the Apex Court judgement rendered in Ajanta Pharma Ltd. [327 ITR 305 (SC)]. 3.2. The Department filed appeal before the Income Tax Appellate Tribunal, which came to be dismissed as per the impugned order. While dismissing the appeal of the Revenue, the Tribunal inter alia observed as under: "A.O. Himself has stated in the assessment order that although the claim of the assessee is ge ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied that its decision was restricted to the power of Assessing Officer to entertain a claim for deduction otherwise than by a revised return, and did not impinge on the powers of the assessing authority under section 254 of the Act. 6. When the claim of the assessee was genuine and acceptable on merits, the Appellate Commissioner acted within its powers and rightly allowed the same. That was con ..... X X X X Extracts X X X X X X X X Extracts X X X X
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