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2011 (8) TMI 422 - HC - Income TaxDeduction u/s 80HHC - Revision u/s263 - amendment with effect from April 01, 1991 - the subject-matter of export was really processed minerals within the meaning of the Twelfth Schedule and the appellant’s item of export came within item No.(v) of the Twelfth Schedule, namely, mica blocks, mica splittings, mica condenser films, mica powder, micanite, slivered mica punched mica, mica paper, mica tapes, mica flakes and the goods in question are really processed mineral as would appear from explanation given to the said Schedule - Held that: the said benefit of amendment can be available from the next assessment year and thus, for the assessment year in question, the exported goods cannot get the benefit of Section 80HHC of the Act Regarding revision - the decision to give benefit though law did not permit grant of such benefit is a grave error on the part of the Assessing Officer which has resulted in the loss of revenue and consequently, it was a fit case for invoking the jurisdiction under Section 263 of the Act. - Decidedagainst the assessee
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