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2016 (4) TMI 308 - AT - Income TaxDeduction/ claim under section 80 HHC - non netting of the loss of trading export with profit from manufacturing export - Held that:- We find that at the time of filing of return there was ambiguity about netting off of profits/loss of the Export trada/businesses, that during the course of hearing the assessee agreed that it had no objection if the matter was decided in the light of the judgment of IPCA Laboratories(2004 (3) TMI 9 - SUPREME Court ), then later on retrospective amendment was introduced with regard to section 80HHC of the Act, that in the case of Avani Exorts (2015 (4) TMI 193 - SUPREME COURT ), the Hon'ble Supreme Court has laid down certain guidelines. We find that all such material was not available to the AO/FAA when they had passed the assessment order/appellate order. As they did not have the benefit of important legislation, so in the interest of justice, we are remitting back the file to the AO for fresh adjudication. The AO is directed to decide the issue afresh after affording reasonable opportunity of hearing to the assessee - Decided in favour of assessee in part by way of remand.
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