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2014 (1) TMI 1243 - AT - Income TaxWhether exclude erection and installation charges are excluded for deduction u/s 80HHC - Held that:- Following assessee's own case for A.Y. 2002-03 - These amounts are to be treated as part of the business profits for the purpose of computing the income derived from export by virtue of the provisions of section 80HHC(3) of the Act - Decided against revenue. Whether only net interest be reduced from income for deduction u/s 80HHC - Held that:- Following Lalsons Enterprises [2004 (2) TMI 294 - ITAT DELHI-E] - For the purpose of applying Explanation (baa) below subsection 4B) of section 80HHC and while reducing 90 per cent of the receipt by way of interest from the profits of the business, it is only the 90 per cent of the net interest remaining after allowing a set-off of interest paid, which has a nexus with the interest received, that can be reduced and not 90 per cent of the gross interest - Decided against revenue. Whether the claim raised subsequent to filing of the return of income during the course of assessment proceedings be allowed - Held that:- The assessee had not claimed expenditure of Rs.10,13,759/- due to oversight in its P&L account, but subsequently made the claim before the AO and also filed an application for rectification of mistake, after original assessment proceedings were concluded - Following CIT vs. K.N.Oil Industries [1982 (3) TMI 16 - MADHYA PRADESH High Court] - if it is apparent from the record that the assessee was entitled to relief admissible under the Income Tax Act, that relief can be granted to him by an order under section 154 by rectifying the assessment even though relief under that section had not been claimed by the assessee in the original assessment proceedings - Decided against Revenue.
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