2000 (12) TMI 6

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....of the High Court of Kerala (see [2000] 241 ITR 374) reads thus : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in cancelling the rectification order of the Assessing Officer ?" The assessee is a scheduled bank. It is required to buy and sell Government securities. During the assessment years in question, namely, 1979-80 and 1980-81, it deducted t....

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....e two learned judges who constituted the Division Bench that originally heard the matter took divergent views both in relation to the applicability of the rectification provision as also on the merits. The matter was, therefore, placed before a third learned judge. The third learned judge held in favour of the assessee both in regard to the invocation of section 154 and also on the merits. The Rev....