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2019 (9) TMI 627 - AT - Income TaxRectification u/s 154 - deduction u/s 80HHC on sale proceeds of DEPB license in favour of the assessee - HELD THAT:- There is no dispute with respect to the fact that the subsequent decision of the Hon'ble Supreme Court in the case of Topman Exports [2012 (2) TMI 100 - SUPREME COURT] has decided the issue of deduction u/s 80HHC on sale proceeds of DEPB license in favour of the assessee. Once that is so, it can be safely inferred that the legal position on the issue of deduction under Section 80HHC of the Act on sale proceeds of DEPB license has been clarified by the Hon'ble Supreme Court and which decision has a retrospective effect. As such, the legal position clarified by the Hon'ble Supreme Court was existing at the time of passing of the order by the AO and the CIT(A). Order passed by the AO was in contravention of the legal position subsequently clarified by the Hon'ble Supreme Court. Thus, it can be said that the mistake was a patent mistake, and which was apparent from the record. Accordingly, it can be termed as a mistake apparent from record and was very much rectifiable under Section 154 of the Act. We find that the issue of deduction under Section 80HHC of the Act on sale proceeds of DEPB license has been decided by the Hon'ble Supreme Court in the case of Topman Exports (supra). We accordingly direct the Assessing Officer to re-compute the deduction under Section 80HHC of the Act on sale proceeds of DEPB license in light of decision of Hon'ble Supreme Court in the case of Topman Exports (supra). Accordingly, the Ground raised by the assessee in appeal is allowed.
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