https://www.taxtmi.com/caselaws?id=62142 The Tribunal ruled in favor of the assessee, a marine products processing and export firm, in a case concerning the rectification of depreciation allowance on a new factory building. The Tribunal found that there was no apparent mistake warranting rectification under Section 154 of the Income Tax Act, 1961. It highlighted the ambiguity in the initial calculation by the ITO and the failure of lower authorities to consider the assessee's claim of 10% depreciation. As a result, the Tribunal canceled the rectification order and allowed the assessee's appeal, emphasizing the lack of clarity in the depreciation calculation. en-us Mon, 25 Jun 1979 00:00:00 +0530 Tue, 18 Jan 2011 12:45:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62142 The Tribunal ruled in favor of the assessee, a marine products processing and export firm, in a case concerning the rectification of depreciation allowance on a new factory building. The Tribunal found that there was no apparent mistake warranting rectification under Section 154 of the Income Tax Act, 1961. It highlighted the ambiguity in the initial calculation by the ITO and the failure of lower authorities to consider the assessee's claim of 10% depreciation. As a result, the Tribunal canceled the rectification order and allowed the assessee's appeal, emphasizing the lack of clarity in the depreciation calculation. Case-Laws Income Tax Mon, 25 Jun 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62142