https://www.taxtmi.com/caselaws?id=10032 The court ruled in favor of the Revenue and against the assessee, dismissing the appeal. It held that the Assessing Officer's action in rectifying the mistake by invoking section 154 and applying section 115J was justified. The court emphasized the specific scheme of section 115J, requiring computation of total income under the Income-tax Act provisions first and then applying section 115J if the income was less than 30% of the book profit. It concluded that rectification of mistakes apparent from the record is permissible in proceedings under section 154. en-us Thu, 08 Apr 2004 00:00:00 +0530 Mon, 06 Jul 2009 13:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10032 The court ruled in favor of the Revenue and against the assessee, dismissing the appeal. It held that the Assessing Officer's action in rectifying the mistake by invoking section 154 and applying section 115J was justified. The court emphasized the specific scheme of section 115J, requiring computation of total income under the Income-tax Act provisions first and then applying section 115J if the income was less than 30% of the book profit. It concluded that rectification of mistakes apparent from the record is permissible in proceedings under section 154. Case-Laws Income Tax Thu, 08 Apr 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10032