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2021 (8) TMI 131 - HC - Income TaxDeduction u/s 80HHB - AO and the CIT(Appeals) disallowed the claim of assessee of revaluation of government bonds and the loss in sale of government bonds - HELD THAT:- AO accepted the eligibility of assessee for deduction under Section 80HHB vide order dated 15.02.2002, granted 50% on gross total income as quantified deduction u/s 80HHB. There is no mistake if the gross total income amounting to ₹ 21,38,66,220/- remains undisturbed in further adjudication. In the case on hand, claim of assessee on loss of revaluation and sale of government bonds has been accepted. In account parlance, these items are to be deleted from the gross total income of the assessee, then the quantification under Section 80HHB should have been done correspondingly. We notice from the order of Commissioner dated 01.09.2005 (Annexure-I) that a different reasoning is adopted in analyzing the controversy and the conclusion reached therefrom could not be supported from the record. CIT (Appeals) erred in appreciating the effect order and consequential deduction and quantification under Section 80HHB . The Revenue has made out a case and we answer the questions of law in favour of the Revenue and against the assessee. This Court records that the deduction under Section 80HHB quantifying order dated 28.07.2003 is correct and ought not to have been reversed by the CIT (Appeals). The questions of law are answered in favour of the revenue
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