2008 (8) TMI 342

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....dent. The judgment of the court was delivered by K. A. Puj J. - The Revenue has filed this tax appeal under section 260A of the Income-tax Act, 1961, for the assessment year 1997-98 proposing to formulate the following substantial questions of law for the consideration and determination of this court: "(A) Whether the Appellate Tribunal is right in law and on facts in dismissing the appea....

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....). We have decided the said tax appeal and the question posed therein was answered in the affirmative, i.e., in favour of the assessee and against the Revenue. For the reasons stated and conclusion drawn therein, we answer question (A) in the affirmative, i.e., in favour of the assessee and against the Revenue. 4. So far as question (B) is concerned, the assessment was framed under section 143(....

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....e could be rectified under section 154 of the Act. The Appellate Tribunal has, therefore, erred in holding that there is no error by overlooking vital aspects of the claim made by the assessee with regard to the reduction of written down value of block of assets on sale of two trucks. In this view of the matter, question (B) was proposed to be formulated by the Revenue. 5. We have considered th....

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....oceedings, the assessee agreed to disallowance on appreciation on trucks and claimed for reducing the income offered of Rs. 1,38,422 as a short-term capital gains under section 50 of the Act. The Tribunal has further observed that the Assessing Officer has not appreciated the contents of the assessment order and has proceeded to invoke the proceedings of section 154 in an arbitrary manner. The Tri....