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2018 (3) TMI 1167 - HC - Income TaxProfits for the purposes of deduction under Section 80 HHC - compensation paid under the Voluntary Retirement Scheme (VRS) to the workers of its Bhandup Unit, would be costs which is includable in traded export goods - Held that:- We note that the AO had considered the detailed written submission, inter alia, on the issue of deduction under Section 80HHC of the Act. On consideration of the submissions, the Assessing Officer came to view that the costs incurred for payment of VRS to its Bhandup Unit workers, cannot be considered as an indirect cost to determine the profits of its traded export goods for allowing deduction under Section 80HHC of the Act. This view is a possible view as it is not the case of the Revenue that in law, it is an impossible view. Therefore, in the above facts, the exercise of powers of Revision by the CITwas in the face of the decision of the Apex Court in CIT v/s. Max India Ltd.[2007 (11) TMI 12 - Supreme Court of India]. In the above case, it has been held that where two views are possible, a power of Revision is not to be exercised by the Commissioner only because he does not agree with the view of the Assessing Officer, unless, of course, the view of the Assessing Officer is untenable in law. This is not even urged by the Revenue before the Tribunal or before us. Therefor, admittedly a possible view. No substantial questions of law.
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