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2018 (11) TMI 871 - AT - Income TaxRectification of Mistake u/s 154 - deduction u/s. 80IB disallowed - Held that:- AO made the assessment u/s. 143(3) and took a conscious and considered view to allow deduction u/s. 80IB of the At in respect of interest from debtors and fixed deposits with Banks; and therefore, now the same cannot be said to be mistake apparent from record; this is clear case of change of opinion; the order does not even mention the nature of amount disallowed; the order does not show any basis, reason or logic to arrive at a conclusion that deduction allowed u/s. 80IB of the Act is mistake apparent from record much less patent and glaring; the assessment order does not point any mistake of fact or application of any law. Hence, in our view there is no mistake apparent on record rectifiable u/s. 154 of the Act, therefore, we quash the orders of the authorities below and allow the deduction in dispute u/s. 80IB of the Act in respect of the interest received from debtors and on fixed deposit with banks. See CIT vs. Krishak Bharti Co-operative Ltd. [2002 (11) TMI 12 - DELHI HIGH COURT] - decided in favour of assessee.
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