2007 (1) TMI 103

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....by the revenue, challenging the order of the Tribunal, rejecting the plea on question of rectification, on the basis of the decision of the Supreme Court delivered subsequently in Karnataka Small Scale Industries Development Corporation Ltd. v. CIT, reported in (2002) 258 ITR 770.  2. This appeal relates to the assessment year 1989-90.  The total income of the assessee was assessed un....

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....  The first appellate authority came to the conclusion that the view of the assessing authority was justified by the provisions of Section 115 J, sub-section (2) and, consequently, it confirmed the order of the authority. 3. On appeal by the assessee, the Tribunal noted that admittedly Assessing Officer in his original assessment allowed a sum of Rs.25,77,404/- being the amount of loss to ....

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....scope of Section 154 that an arguable issue would not come for rectification of a mistake, the appellant herein cannot go for rectification of an error, which is arguable issue, hence, the proceedings are totally unsustainable. 5. A perusal of Section 154 shows that the intervention or an assumption of jurisdiction under Section 154 only to correct an error was a mistake, which was apparent and....