1985 (2) TMI 86

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.... completed on 3rd Dec., 1976 and it is claimed by the revenue that tax was wrongly charged at 45 per cent instead of the rate of 65 per cent, since according to the Revenue, the assessee company is one, in which the public are not substantially interested. In an action under s. 154 of the IT Act, 1961, the mistake was rectified, since the learned IAC (Assessment) was of the view that charging of t....

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....ectifying the assessment order so as to change the rate of tax from 45 per cent to 65 per cent. On the facts and in the circumstances of the case the provisions of s. 154 are not applicable. 2. Without prejudice to ground No.1, the rate applicable to the company is 45 per cent as this is "an Industrial Company" within the meaning of the IT Act." 2. Having heard the learned authorised represe....