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2014 (7) TMI 1128 - AT - Income TaxDeduction u/s 80HHC of the receipt of DEPB entitlement - Legality of revision of order of Tribunal u/s 254 on ground of retrospective overruling - whether the issue involved in the present case is now covered by the decision of CIT v. Kalpataru Colours and Chemicals [2010 (6) TMI 63 - BOMBAY HIGH COURT] OR the ratio laid down by Topman Exports v. CIT [2012 (2) TMI 100 - SUPREME COURT OF INDIA] which has reversed the decision of Kalpataru Colours and Chemicals and held that the face value of the DEPB will fall under clause (iiib) of section 28 - Rectification of mistake - Held that:- Subsequent decision of the hon'ble Supreme Court operates retrospectively and, therefore, it had to be regarded as it existed when the impugned order was passed by the Tribunal and, thus, a mistake has crept on the face of the record which could not be allowed to remain. We further note that the limitation for correcting mistake, that is imposed by the provisions of section 254(2), is only with respect to time and since the miscellaneous application in hand for rectification had been made within the prescribed time limitation, the order of tribunal deserves to be rectified and we proceed to rectify the same by respectfully following decision of the hon'ble apex court in the case of Topman Exports v. CIT [supra] and decision Lakshmi Sugar Mills Co. Ltd. v. Asst. CIT (2012 (6) TMI 39 - DELHI HIGH COURT) as follows. - Decided in favour of assesse.
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