https://www.taxtmi.com/caselaws?id=49613 Written notice under section 35(2) was not essential where the assessee had reasonable awareness of the proposed recalculation and the rectification did not enhance assessment or reduce refund without hearing; the objection therefore failed. Rectification of written down value and depreciation was also permissible as a mistake apparent from the record, because the record for section 35 includes the assessment materials and earlier calculations, and an obvious error of law or fact may be corrected on fresh computation. The earlier depreciation basis was not final for future years and did not create res judicata or estoppel. The challenge to the rectification was therefore rejected. en-us Tue, 14 Apr 1959 00:00:00 +0530 Thu, 04 Sep 2014 17:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49613 Written notice under section 35(2) was not essential where the assessee had reasonable awareness of the proposed recalculation and the rectification did not enhance assessment or reduce refund without hearing; the objection therefore failed. Rectification of written down value and depreciation was also permissible as a mistake apparent from the record, because the record for section 35 includes the assessment materials and earlier calculations, and an obvious error of law or fact may be corrected on fresh computation. The earlier depreciation basis was not final for future years and did not create res judicata or estoppel. The challenge to the rectification was therefore rejected. Case-Laws Income Tax Tue, 14 Apr 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49613