When the disputed issue is decided by the Apex Court, the proceeding initiated u/s 263, against the deduction wrongly claimed by the assessee and allowed by the AO, cannot be said to be an invalid stating that there were two opinions available

Jai Mica Supply Co Pvt Ltd Vs CIT (Kolkata High Court)- We do not find any substance in the contention of Mr. Khaitan that there were conflicting views on this point when the notice under Section 263 of the Act was issued. At one point of time, when the matter was before the Tribunal, the decision of Two-Judge-Bench in the case of Steno-craft Enterprises (Supra), created a doubt as to the applicability of Section 80HHC of the Act, but after the decision of the Supreme Court in the case of Gem Granite (Supra), there is no scope of any confusion

Please become a Premium member. If you are already a Premium member, login here to access the full content.