https://www.taxtmi.com/caselaws?id=185199 Rectification under section 154 was used to correct an assessment that had applied the wrong depreciation rate to rigs and compressors. The corrected depreciation rate was consistent with the law applicable to the assessee's business, and the later judicial declaration of the proper rate confirmed that the rectified assessment reflected substantive law. The Tribunal's view that the rectification should be cancelled was therefore not sustainable, and the issue was resolved in favour of the Revenue and against the assessee. en-us Mon, 03 Dec 2001 00:00:00 +0530 Wed, 03 Aug 2016 17:02:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185199 Rectification under section 154 was used to correct an assessment that had applied the wrong depreciation rate to rigs and compressors. The corrected depreciation rate was consistent with the law applicable to the assessee's business, and the later judicial declaration of the proper rate confirmed that the rectified assessment reflected substantive law. The Tribunal's view that the rectification should be cancelled was therefore not sustainable, and the issue was resolved in favour of the Revenue and against the assessee. Case-Laws Income Tax Mon, 03 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185199