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2015 (6) TMI 649 - HC - Income TaxTribunal's right in reviewing its own order on merits - Held that:- If the order has been passed in exercise of powers conferred under proviso to Rule 24 of the Appellate Tribunal Rules, we find no justification to find fault with the order of the Tribunal, that too on the above stated facts. Accordingly, on the first question of law, this Court is of the considered opinion that in view of the power vested with the Tribunal under proviso to Rule 24 of the Appellate Tribunal Rules, there is no embargo on the Tribunal in reviewing its own order for the reasons supra. Therefore, this Court finds no reason to interfere with the finding of the Tribunal. Accordingly, the first substantial question of law is answered in favour of the assessee/respondent. Disallowance of losses of the carton division to be set off to arrive at business profits for the calculation of benefit u/s 80 HHC - assessee maintained separate accounts - Held that:- On the 2nd substantial question of law raised, the Tribunal has considered the same on merits in the light of the decision of this Court in Rathore Brothers case (2001 (10) TMI 72 - MADRAS High Court) holding that the losses of the carton division do not have to be set off to arrive at business profits for the calculation of benefit u/s 80 HHC on the ground that the assessee maintained separate accounts and remanded the issue to the Assessing Officer for fresh consideration. In such view of the matter, this Court is of the considered view that the issue raised in the 2nd question can very well be gone into by the appropriate authority in the remand proceedings and it is not necessary for this Court to deal with the said issue for the present. - Decided against revenue.
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