1992 (8) TMI 15

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....e following question has been referred by the Tribunal for the opinion of this court: "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that there was no mistake in the Income tax Officer's order granting relief under section 91 in respect of Rs. 14,98,034 which could be rectified under section 154 of the Income tax Act, 1961 ?" The facts admitted....

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....Officer proceeded to tax the said sum of Rs. 1,17,77, 286 as business profit earned by the assessee as an authorised dealer in foreign exchange. The aforesaid devaluation profit included an aggregate sum of Rs. 28,56,666 in respect of Kuala Lumpur and Penang branches of the assessee-bank. In this reference, we are only concerned with the devaluation profit of Rs. 28,56,666 arising in the Kuala Lu....

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.... view that since Rs. 9,24,494 is less than Rs. 14,98,034 as assessed in Malaysia, the D. I. T. relief can only be granted with reference to the said sum of Rs. 9,24,494. According to the Incometax Officer, it was clearly a mistake apparent from the record. On appeal by the assessee, both the Appellate Assistant Commissioner and later the Income-tax Appellate Tribunal held that the issue was clear....