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2015 (6) TMI 852 - AT - Income TaxRevision u/s 263 - CIT(A) direction to AO to recompute the deduction allowable under S.10B, after excluding other income from the profit of the business - Held that:- In the present case, the other income in the question earned by the assessee was treated by the Assessing Officer as business income of the assessee and this position is not disputed even by the learned Commissioner in his impugned order passed under S.263. This being so and keeping in view the ratio of the judicial pronouncements discussed in Sterling Foods (1999 (4) TMI 1 - SUPREME Court ), Mysodet (P) Ltd. V/s. CIT [2008 (9) TMI 7 - SUPREME COURT ] & Maral Overseas Ltd [2012 (4) TMI 345 - ITAT INDORE] we hold that the other income in question received by the assessee, which was assessed to tax under the head 'profits and gains of business or profession', is not liable to be excluded from the profits of the business of the eligible undertaking for the purposes of computing deduction under S10B of the Act, as per the formula given in sub-section (4) of that section. There was thus no error in the order of the Assessing Officer passed under S.143(3) on this issue, as alleged by the learned Commissioner, calling for any revision under S.263. We, therefore, set aside the impugned order of the learned Commissioner of Income-tax passed under S.263 and restore that of the Assessing Officer. - Decided in favour of assessee.
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