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2014 (1) TMI 319 - AT - Income TaxRectification of mistake - Held that:- As per the amended section came into force w.e.f. 01-4-1998 - Profit upon sale of DEPB lincense shall be eligible for deduction u/s 80IB of the Act treating it as profit from industrial undertaking - Assessing Officer has passed the impugned order based on the verdict given in Liberty India [2009 (8) TMI 63 - SUPREME COURT] without considering the amended provision - Following T.S. Balaram (ITO) vs Volkart Brothers and Others [1971 (8) TMI 3 - SUPREME Court] - An error which has to be established by a long drawn process of reasoning on points where there may conceivably be two opinions cannot be said to be an error apparent on the face of the record - A decision on a debatable point of law is not a mistake apparent from the record - The allowance of deduction is not a glaring, obvious, patent and apparent from record - Decided in favour of assessee.
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