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2015 (1) TMI 106 - HC - Income TaxNon-speaking order by Tribunal - Deduction u/s 80HHC - Whether the Tribunal is right in reversing the order of the CIT(A) and directing the AO to exclude the excise duty from the total turnover for computing deduction u/s 80HHC when the net result in the export business is a loss – Held that:- While reversing the findings of the CIT(A), the Tribunal has not assigned detailed reasons and has straightway stated that there is considerable force in the contention of the counsel of the assessee that refund of excise duty amounting to ₹ 21,41,462/- appearing in the credit side of the profit and loss account should reduce cost of purchases - The Tribunal as an appellate Court was required to look into the matter and was to give its independent findings on the issue - while determining the issue of adjustment of freight and computation for deduction u/s 80HHC of the Act, the Tribunal again relied on the calculation given by the assessee, without given any reason for relying on the same, and directed the AO to verify the assessee's claim and to grant him deduction u/s 80HHC – thus, the matter is to be remitted back to the Tribunal for fresh consideration – Decided in favour of revenue.
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