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2016 (12) TMI 949 - AT - Income TaxRectification of mistake - reduce the deduction allowable under section 80HHC - Held that:- Ostensibly, section 154 permits the Assessing Officer to rectify any mistake apparent from the record by amending an order. Quite clearly, in the present case, the issue revolves around the amount of interest which is liable to be excluded from the profits of the business in terms of clause(1) of Explanation (baa) to section 80HHC of the Act. As per the assessee, what is excludible is ‘net interest’ and for that matter he has also referred to the judgment of the Hon’ble Supreme Court in the ACG Associated Capsules Pvt. Ltd v. CIT ,(2012 (2) TMI 101 - SUPREME COURT OF INDIA). Be that as it may, what is relevant is that the impugned decision could not have been taken by the Assessing Officer in a summary manner so as to suggest that there is a mistake apparent from record. Notably, a mistake apparent from record is one which is patent and obvious, on which no two views are possible. Therefore, the action of the Assessing Officer is beyond the scope and ambit of section 154 of the Act and the same is hereby set-aside and assessee succeeds.
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