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2014 (1) TMI 85 - HC - Income TaxValidity of revision order passed u/s 263 - Held that:- Though Section 80HHC and 80IA are independent of each other, the deductions to the extent of such profits and gains shall in no case exceed the profits and gains of such eligible business of undertaking or enterprises - It was not open to the A.O. to allow deduction to the extent of 100% of the profits and gains of the eligible business - The Commissioner had rightly found that the A.O. had erred in allowing the deduction under Section 80IA on the reducing balance after deduction under Section 80HHC - The Commissioner acted within his jurisdiction under Section 263 of the Income Tax Act, 1961 to revise the order - Following Joint Commissioner of Income Tax v. Mandideep Eng. & Pkg. Ind. (P) Ltd. [2006 (4) TMI 75 - SUPREME Court] - The Ao shall allow deduction under section 80HHC and 80IA while keeping in view of the restrictions of Section 80IA (9) of the Act - The issue was restored for fresh adjudication.
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