https://www.taxtmi.com/caselaws?id=25488 The Court held that the Income-tax Officer's notices proposing rectification of assessments for losses on cattle sales were not valid under section 154 of the Income-tax Act. The valuation method used by the petitioners, valuing cattle at 50% of the average cost of acquisition, was considered reasonable, and the Court deemed the Officer's proposed rectification to be a debatable point rather than an obvious mistake. Consequently, the Court quashed the notices and restrained further action by the tax authorities. en-us Thu, 13 Nov 1986 00:00:00 +0530 Fri, 29 Jan 2010 10:35:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25488 The Court held that the Income-tax Officer's notices proposing rectification of assessments for losses on cattle sales were not valid under section 154 of the Income-tax Act. The valuation method used by the petitioners, valuing cattle at 50% of the average cost of acquisition, was considered reasonable, and the Court deemed the Officer's proposed rectification to be a debatable point rather than an obvious mistake. Consequently, the Court quashed the notices and restrained further action by the tax authorities. Case-Laws Income Tax Thu, 13 Nov 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25488