2004 (12) TMI 22

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....pellate Tribunal, Delhi, at the instance of the Revenue has referred the following two questions of law under section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act'" for the opinion of this court: "(i) Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in holding that the rectification of mistake relating to incorrect depreciat....

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....ly, the Inspecting Assistant Commissioner (Assessment) initiated proceedings for rectification of the assessment order under section 154 of the Act on the ground that depreciation on generator is allowable at 10 per cent, and it was wrongly allowed at 20 per cent. After serving the notice under section 154 of the Act the assessing authority rectified the earlier assessment order by allowing deprec....

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....iation is allowable at the rate of 10 per cent. We have given a careful consideration to the submission of learned standing counsel. For the applicability of section 154 of the Act it is well established that there should be a mistake apparent from the record. Firstly, there should be a mistake and secondly, it should be apparent from the record. The power conferred under section 154 is not a powe....