2007 (2) TMI 209

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.... above appeal is by the Revenue relating to the assessment year 1989-90. The issue raised herein relates to the rectification of assessment under section 143(1)(a). It is seen that the assessing authority went in for rectification of the assessment under section 154 in respect of sale consideration of land and building not credited to the profit and loss account but directly taken to the genera....

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....areholders. In the circumstances, the appellate authority held that the officer could not rectify the order under section 154 as a mistake apparent on the face of the record. He directed the authority to reduce the income under section 154 by Rs. 2.60 crores. Thus, he allowed the appeal. The Revenue went on appeal to the Tribunal. On a perusal of the factual details, the Tribunal came to the co....