https://www.taxtmi.com/caselaws?id=26369 The Tribunal upheld the Income-tax Officer's rectification of assessment orders for the years 1960-61 and 1961-62 under section 154 of the Income-tax Act, citing the mistake in calculating the written down value as apparent. The rectification order dated November 14, 1969, was found not barred by limitation, as the time frame should be counted from the first rectification order dated August 17, 1966. Penal interest under section 217 could be charged in rectification proceedings, as they are considered part of the assessment proceedings. The decisions were in favor of the Revenue and against the assessee. en-us Tue, 08 Apr 1986 00:00:00 +0530 Thu, 04 Feb 2010 15:18:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26369 The Tribunal upheld the Income-tax Officer's rectification of assessment orders for the years 1960-61 and 1961-62 under section 154 of the Income-tax Act, citing the mistake in calculating the written down value as apparent. The rectification order dated November 14, 1969, was found not barred by limitation, as the time frame should be counted from the first rectification order dated August 17, 1966. Penal interest under section 217 could be charged in rectification proceedings, as they are considered part of the assessment proceedings. The decisions were in favor of the Revenue and against the assessee. Case-Laws Income Tax Tue, 08 Apr 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26369