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2014 (6) TMI 102 - AT - Income TaxRecall of order - Rectification of mistake apparent on record - Computation of deduction u/s 80HHC of the Act - Exclusion of 90% of other income – Held that:- Now Clause (iii) of Section 28, as inserted by the Finance Act, 2005 with retrospective effect 01.04.1998 has been struck - Following Topman Exports v. CIT [2012 (2) TMI 100 - SUPREME COURT OF INDIA] - profit should be assessed on the transfer of duty entitlement pass book scheme - 90% receipts have to be excluded under Clause baa of other income referred of explanation is to be considered net not gross - for the purposes of Section 80HHC, the DEP Credit is not to be included as an entire amount received for calculation of deduction and also 90% on profit alone to be deducted, 90% of net interest or is to be included in the profit - when law changed by the reasons that High Court has decided the issue in favour of the assessee, then it is a matter of rectification – thus, the order is recalled – Decided in favour of Assessee.
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