- (1.) This appeal is basically against two judgments and order passed by the Learned Tribunal, one dated 26th November, 2002 and another one is 22nd August, 2003. Though apparently appeal has been preferred against the first order, the short fact leading to the said appeal is in relation to the assessment year 1994-95. By the order dated 10th November, 2003 the appeal has been directed on the following substantial questions of law : "i) Whether the Tribunal was justified in law in holding that the inclusion of 90% of the incentive amount of Rs. 14,77,406/-received against advance licences in the Profit for deduction under section 80HHC of the Income-tax Act, 1961 was in contravention of the said provision or was a mistake apparent from the record which could be rectified under Section 154? ii) Whether and in any event the order dated July 14, 1999 under section 154 was passed beyond the scope of the notice dated August 12, 1998 read with the letter dated September 16, 1998 of the Assessing Officer, without affording any opportunity to the appellant to make its submissions and was a nullity ?"
(2.) The short fact leading to preferring this appeal is as follows :
(3.) The assessee appellant is an export house and carries on business of export of silk materials. As such the assessee has got requisite licence for this purpose. While carrying on business the appellant returned its income for the assessment year 1994-95 and in the return the assessee claimed deduction on the profit of the export turnover enclosing tax audit report and the certificate of the accountant. By order dated 31st January, 2007 the assessing officer accepted the said return after having examined the details and also allowed deductions as claimed in the accounts. We therefore appropriate to quote the relevant portion of the initial order of the assessing officer : "After examination of details submitted in support of the claim made in the return and discussions held with the A.R. income of Rs. 1,06,650/- declared by the assessee is accepted.";