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2015 (4) TMI 408 - DELHI HIGH COURTRectification of mistake - Whether while calculating the eligible business profits for the purposes of deduction under Section 80I the assessee is entitled to include the amount actually contributed in the assessment year 1992-93 to the Cooperative Education Fund under Section 61(1)(b) of the Multi State Cooperative Societies Act, 1984? - Whether the Tribunal was justified in holding that the contribution to the Cooperative Education Fund was not a cess falling within the purview of Section 43B of the Income Tax Act, 1961?” Held that:- In the present case too, the view canvassed by the revenue is untenable. The CIT(A) had relied upon the Supreme Court’s ruling in Canara (1986 (7) TMI 5 - SUPREME Court) to hold that the relief was, in the circumstances of the case, admissible. Given that this issue as to the admissibility of relief either before the benefit of Section 80-I could be granted or thereafter, was a matter which required debate and some process of reasoning, the decision in T.S. Balaram, ITO (1971 (8) TMI 3 - SUPREME Court) clearly held the field. In other words, the revenue could not legitimately contend that the view expressed by the CIT(A) given effect to by the AO in his initial order of 12.05.1995, was utterly implausible. Such being the case, the issue was debatable. Therefore, recourse to the power of rectification under Section 154 was unwarranted in the given facts of this case. - Decided in favour of the assessee
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