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2019 (3) TMI 1070 - HC - Income TaxRectification u/s 154 - deduction allowed under 80IA requires to be reduced from the profits and gains for the purpose of computing the deduction under Section 80HHC - HELD THAT:- Tribunal was perfectly justified in rejecting the Revenue's Appeal on the ground that a debatable issue could not have been the subject matter of proceedings u/s 154 and that the Assessing Authority by invoking Section 154 providing for the rectification of a mistake apparent on the face of the record, could not restrict the benefit of deduction under Section 80IA and 80HC of the Act. It is true that the question of law as to whether the relief under Section 80IA should be deducted from the profits and gains by the business before computing the relief under Section 80 HC or not, is a question which is still open and has been referred to a Larger Bench of this Court in the case of MM Forgings [2002 (3) TMI 10 - MADRAS HIGH COURT] and the matter is also said to be pending before the Hon'ble Supreme Court in the case of Micro Labs. [2015 (12) TMI 708 - SUPREME COURT] Since in the present case, the said benefit of deduction was restricted by invoking Section 154 of the Act, we are satisfied that no substantial question of law arises for our consideration.
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