https://www.taxtmi.com/caselaws?id=191909 The High Court dismissed the revenue's appeal concerning the interpretation of Section 154 of the Income Tax Act, 1961, regarding rectification of assessment orders. It held that the rectification order must address mistakes that are obvious and patent, not debatable points of law. The Court also ruled on the application of Section 32 concerning depreciation claims for the assessment year 2000-01, emphasizing that certain issues were not rectifiable under Section 154. Additionally, it clarified that amendments to Section 32 had a prospective effect from 01.04.2002 and applied the principles from the CIT Vs. Mahendra Mills Ltd. case to the current matter, ultimately dismissing the appeal. en-us Wed, 09 May 2012 00:00:00 +0530 Sat, 10 Mar 2018 10:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191909 The High Court dismissed the revenue's appeal concerning the interpretation of Section 154 of the Income Tax Act, 1961, regarding rectification of assessment orders. It held that the rectification order must address mistakes that are obvious and patent, not debatable points of law. The Court also ruled on the application of Section 32 concerning depreciation claims for the assessment year 2000-01, emphasizing that certain issues were not rectifiable under Section 154. Additionally, it clarified that amendments to Section 32 had a prospective effect from 01.04.2002 and applied the principles from the CIT Vs. Mahendra Mills Ltd. case to the current matter, ultimately dismissing the appeal. Case-Laws Income Tax Wed, 09 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191909