https://www.taxtmi.com/caselaws?id=56128 The Tribunal upheld the Income-tax Officer's rectification orders reducing allowable depreciation rates for a glass manufacturing company's plant and machinery. It clarified that only specific items were eligible for higher rates mentioned in the depreciation table. The CIT(A) initially canceled the rectification orders but was overturned on appeal, emphasizing the mistake's clarity and rectifiability. The Tribunal directed reconsideration of relief computation under Section 80J and interest under Section 215 in line with corrected depreciation values. The departmental appeals were allowed, with cross objections allowed for statistical purposes. en-us Tue, 16 Oct 1990 00:00:00 +0530 Wed, 01 Dec 2010 17:20:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56128 The Tribunal upheld the Income-tax Officer's rectification orders reducing allowable depreciation rates for a glass manufacturing company's plant and machinery. It clarified that only specific items were eligible for higher rates mentioned in the depreciation table. The CIT(A) initially canceled the rectification orders but was overturned on appeal, emphasizing the mistake's clarity and rectifiability. The Tribunal directed reconsideration of relief computation under Section 80J and interest under Section 215 in line with corrected depreciation values. The departmental appeals were allowed, with cross objections allowed for statistical purposes. Case-Laws Income Tax Tue, 16 Oct 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56128