1984 (9) TMI 101

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....ed 16-12-1982, by which he confirmed the order passed by the ITO under section 154 of the Income-tax Act, 1961 (' the Act '). 2. While making the original assessment, the ITO had given credit for the deposit of Rs. 26,638 made on 15-12-1976 under the Companies Deposit (Surcharge on Income-tax) Scheme, 1976. Subsequently, the ITO was of the opinion that he had committed a mistake in allowing such....

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....he revenue. 4. Before us, it was contended by the learned counsel for the assessee that the lower authorities failed to appreciate the provisions of the relevant Scheme. He urged that in accordance with the provisions of para 3 of the Companies Deposit (Surcharge on Income-tax) Scheme, a deposit in lieu of payment of surcharge on income-tax may be made by a company at any time before the last in....

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....to be made at any time before the last instalment of advance tax was due in the case of the assessee, that is to say, by 14-12-1976. He submitted that the ITO committed a clear mistake in the original assessment and, therefore, the lower authorities were justified in applying the provisions of section 154. 5. We have heard the submissions of both the parties and considered the facts on record. I....