Where rectification pertaining to computation of deduction under section 80HHC was highly debatable

IT: Where rectification pertaining to computation of deduction under section 80HHC was highly debatable, rectification could not be resorted to under provisions of section 154
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[2014] 48 taxmann.com 362 (Bombay)
HIGH COURT OF BOMBAY
Commissioner of Income-tax
v.
Reliance Industries Ltd.*
S.C. DHARMADHIKARI AND B.P. COLABAWALLA, JJ.
IT APPEAL NOS. 128,134 TO 136 OF 2012
JULY  3, 2014
Section 80HHC, read with sections 115JB and 154, of the Income-tax Act, 1961 - Deductions - Exporters (Rectification of mistakes) - Assessment year 2002-03 - Assessing Officer noted that excess deduction was given to assessee under section 80HHC - Therefore, by an order under section 154 Assessing Officer made additions to book profits - Commissioner (Appeals) confirmed same - Tribunal held that there was no mistake apparent on face of record to warrant passing of rectification order - Whether exercise of powers under section 154 is limited to rectify mistakes which are apparent from record and not to carry out exercise of rectification of debatable issues - Held, yes [Para 11] [In favour of assessee]