https://www.taxtmi.com/caselaws?id=8853 Section 155(5) of the Income-tax Act, 1961 was construed to permit rectification withdrawing development rebate even where the original assessment had been made under the Indian Income-tax Act, 1922, because the provision expressly extends to rebate granted under the corresponding earlier law and authorises recomputation on sale of the machinery within the specified period. The article also states that a rectification order is not invalid merely because the Income-tax Officer cited the wrong statutory provision, provided substantive jurisdiction otherwise existed. The rectification order was upheld as legally sustainable. en-us Wed, 19 Apr 1972 00:00:00 +0530 Tue, 16 Jun 2009 12:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8853 Section 155(5) of the Income-tax Act, 1961 was construed to permit rectification withdrawing development rebate even where the original assessment had been made under the Indian Income-tax Act, 1922, because the provision expressly extends to rebate granted under the corresponding earlier law and authorises recomputation on sale of the machinery within the specified period. The article also states that a rectification order is not invalid merely because the Income-tax Officer cited the wrong statutory provision, provided substantive jurisdiction otherwise existed. The rectification order was upheld as legally sustainable. Case-Laws Income Tax Wed, 19 Apr 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8853