1982 (9) TMI 19

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....he assessment year commencing on 1st April, 1965 (as the base year), and for any one or more of the five assessment years next following the base year, and the tax for such succeeding year exceeds the tax payable for the base year, then the company shall be granted a tax credit certificate for an amount equal to twenty per cent. of such excess provided that the amount of the tax credit certificate shall not for any assessment year exceed ten per cent. of such tax payable by the company for that year. Under s. 280 ZE of the Act the Central Government is empowered to frame schemes to be called tax credit certificate schemes in relation to such tax credit certificates. The Tax Credit Certificate (Corporation Tax) Scheme, 1966, has been framed ....

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....ssary to go into the question of their validity. Mr. Desai, learned counsel for the petitioners, submitted that it could not be said that there was any mistake apparent from the record which the ITO could purport to rectify. He drew my attention to the judgment of the Supreme Court in T. S. Balaram, ITO v. Volkart Brothers [1971] 82 ITR 50. The court there observed that a mistake apparent on the record must be an obvious and patent mistake and not something which can be established only by a long drawn process of reasoning on points on which there may be conceivably two opinions. He also cited the judgment of the Supreme Court in Cambay Electric Supply Industrial Co. Ltd. v. CIT [1978] 113 ITR 84, wherein the court was, inter alia, conce....

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....s. 80E whereunder the total income included " any profits and gains attributable to the business of generation or distribution of electricity ". He submitted that the use of the word " business " in s. 80E made the scope of s. 80E much wider than that of s. 280 ZB which related only to income " attributable to the manufacture or production " of articles listed in the First Schedule to the Industries (Development and Regulation) Act, 1951. Whether the word " business " has a wider connotation than the words " manufacture or production " is itself not obviously apparent. There is in my mind no doubt that it cannot be established without debate that the income purported to be excluded by the impugned orders, which relates to miscellaneous r....