2002 (1) TMI 20

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.... by JAWAHAR LAL GUPTA J.-The assessee filed its annual income-tax return for the assessment year 1974-75. Vide order dated March 26, 1980, the assessing authority finalised the assessment under section 143(3) of the Income-tax Act, 1961, at a total income of Rs.2,09,300. On discovering that the company had received subsidy from the Government at the rate of 15 per cent. of the fixed assets inst....

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....from the cost of such assets for working out their actual cost under section 43(1) of the Income-tax Act, 1961, for the purpose of depreciation and development rebate, was a debatable issue and hence action under section 154 to rectify the error in the computation of the actual cost could not be taken by the Inspecting Assistant Commissioner (Assessment)?" Mr. Sawhney concedes that in view of t....