SHAH BROTHERS Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) RULE . Returnable forthwith. Respondents waive service. By consent, the petition is taken up for final hearing.

(2.) BY this writ petition, the petitioner/assessee seeks to challenge order dt. 19th Oct., 2000 (Ex - G), as also order dt. 4th March, 2002 (Ex -I), passed by the revisional authority under S. 264 of the IT Act, 1961 (hereinafter referred to, for the sake of brevity, as "the said Act"). Facts

(3.) THE main issue which arose for consideration by the CIT was whether the export incentives received in subsequent assessment years can be allowed under S. 80HHC even though such incentive has not been shown as income for the relevant year. This point arose before respondent No. 1. However, the revision petition filed by the petitioner came to be dismissed by the 1st respondent on the ground that for the asst. year 1995 -96, the AO had passed an assessment order under S. 143(1)(a) accepting the claim of deduction under S. 80HHC for Rs. 3,40,113 and, therefore, rectification did not arise. He further held that the claim of deduction under S. 80HHC cannot be considered unless the assessee had included the amount in the income for the said year and as the assessee had not taken export incentives in its income for asst. year 1995 -96, it cannot be allowed by way of rectification. He has further held that the assessee cannot seek relief for the asst. year 1995 -96 on the basis of application for rectification for the asst. year 1996 -97.