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2015 (12) TMI 135 - AT - Income TaxRectification of mistake - deduction on the profit earned out of job work charges u/s 80IB not allowable - Held that:- On going through the facts on record, it is an admitted fact that the claim of assessee u/s 80IB was allowed by the revenue authorities from AY 1998-99, which was the first AY in which assessee made its claim u/s 80IB. The benefit, of deduction available for a specified number of years on satisfaction of the conditions laid down as per the respective provisions of the Act once considered and allowed cannot be withdrawn subsequently and that too by recourse to the proceedings U/s.154 of the I.T. Act, 1961 when there was no change either in facts and/or in law. The Hon’ble Supreme Court in case of ITO Vs. Volkart Brothers [1971 (8) TMI 3 - SUPREME Court ] gave a categorical finding that “A mistake apparent on the record must be an obvious and patent mistake and not something which can be established by a long drawn process of reasoning on points on which there may be conceivably two opinions. A decision on a debatable point of law is not a mistake apparent from the record.” In view of the settled position of law, we do not find any infirmity in the orders of CIT(A) in the AYs under consideration and accordingly the same are hereby upheld dismissing the grounds raised by revenue in all the appeals under consideration. - Decided in favour of assessee.
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