Case Law Details
Anandkumar Jain Vs ITO (ITAT Mumbai)
In the present case, there is no dispute with respect to the fact that the subsequent decision of the Hon’ble Supreme Court in the case of Topman Exports (supra) has decided the issue of deduction under Section 80HHC of the Act on sale proceeds of DEPB license in favour of the assessee. Once that is so, it can be safely inferred that the legal position on the issue of deduction under Section 80HHC of the Act on sale proceeds of DEPB license has been clarified by the Hon’ble Supreme Court and which decision has a retrospective effect. As such, the legal position clarified by the Hon’ble Supreme Court was existing at the time of passing of the order by the Assessing Officer and the CIT(A). However, the order passed by the Assessing Officer was in contravention of the legal position subsequently clarified by the Hon’ble Supreme Court. Thus, it can be said that the mistake was a patent mistake, and which was apparent from the record. Accordingly, it can be termed as a mistake apparent from record and was very much rectifiable under Section 154 of the Act.
FULL TEXT OF THE ITAT JUDGEMENT
The captioned appeal filed by the assessee is directed against an order passed by the CIT(A)-29, Mumbai dated 24.01.2011, which in turn, arises out of an order passed by the Assessing Officer under section 154 of the Income Tax Act, 1961 (in short ‘the Act’) dated 04.02.2010 for previous year relevant to Assessment Year 2003-04.
2. In this appeal, assessee has raised the following Grounds of appeal :-
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