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2010 (7) TMI 38 - HC - Income Tax
Revision by the Commissioner of Income Tax (CIT) – Power of revision u/s 263 – ITAT cancelled the order passed by CIT under Section 263 by holding that the Assessing Officer had taken a possible view at the relevant point of time – claim of deduction u/s 80HHC and 80IB – Held that: - there is no material to indicate that the Assessing Officer had not applied his mind to the provisions of Section 80IB(13) read with Section 80IA(9). – AO had allowed the deduction under Section 80HHC without reducing the amount of deduction allowed under Section 80IB from the profits and gains. He did not say so in so many words, but that was the end result of his assessment order. - Since he was holding in favour of the assessee, as has been observed in Hari Iron Trading Company (2008 -TMI - 11724 - PUNJAB AND HARYANA High Court) and Eicher Limited (2007 -TMI - 2063 - HIGH COURT , DELHI), generally, the issues which are accepted by the Assessing Officer, do not find mention in the assessment order, it cannot be said that the Assessing Officer had not applied his mind. It cannot also be said that the Assessing Officer had failed to make any enquiry because no further enquiry was necessary and all the facts were before the Assessing Officer