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TMI Blog2012 (8) TMI 277X X X X Extracts X X X X X X X X Extracts X X X X ..... year 1992-93, the amendment brought about in under Section (baa) 80HHC(4A), should alone be applied to the case on hand, when there is an omission in referring to that amended provision of law in passing the assessment order, can such an omission treating it as an error/mistake, be brought before the Tribunal for correction under Section 254(2) of the Income Tax Act? " 2. The question relates to the includability of the Fixed Deposit Receipts in the business profit for granting deduction under Section 80HHC of the Income Tax Act. The assessment year under consideration herein is 1992-93. Based on the decision reported in [2001] 258 ITR 749 (C.I.T. Vs. N.S.C. Shoes (Mad.), which related to the assessment year 1986-87, the Tribunal or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to treat it as deductible and includable in the business income for the purpose of Explanation (baa) to Section 80HHC(4A). The Commissioner held that the nexus between the business activity of the assessee and the receipt of interest was established and that they formed part of the profits of the business. 5. As far as the Tribunal's order is concerned, it merely applied the decision reported in [2001] 258 ITR 749 (C.I.T. Vs. N.S.C. Shoes (Mad.) and when an issue was raised before the Tribunal at the instance of the Revenue that the interest income to the extent of Rs.11,61,171/- could not be treated as profits derived from export business for the purpose of computing the deduction, we feel, that the Tribunal should have consider ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idence or arguments to establish it, can be said to be an error apparent on the face of the record and can be corrected while exercising certiorari jurisdiction." Pointing out as to what could be an error apparent on the face of the record, the Apex Court pointed out: " An error cannot be said to be apparent on the face of the record if one has to travel beyond the record to see whether the judgment is correct or not. An error apparent on the face of the record means an error which strikes on mere looking and does not need a long drawn out process of reasoning on points where there may conceivably be two opinions. Such error should not require any extraneous matter to show its incorrectness. To put it differently, it should be so manifest ..... X X X X Extracts X X X X X X X X Extracts X X X X
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