1982 (10) TMI 76

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....riginal granting development rebate @ 25 per cent and then modifying the same under s. 154 proceedings not being free from debate, was nothing more than reopening the concluded assessment and the action of the ITO in that regard, which has been duly confirmed by the AAC when the matter was carried before him, is against law and deserves to be undone. 2. The ld. counsel for the assessee Mr. D.K.....

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....nd the case of Addl. CIT vs. District Cooperative Bank Ltd. (1979) 8 CTR (All) 199 : (1979) 119 ITR 142 (All) and submitted that mistake is apparent being a mistake overlooking of law and there is no debate about the same. 4. After taking into consideration the rival submissions, we are unable to sustain the finding of the AAC. The most importance fact, which is not controverted by the ld. depa....

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....) is carefully read. Perusal of all the grounds raised by the assessee in its appeal and arguments for both the sides show that the issue is not free from debate. It was only incorrect perusal of Fifth Schedule which made the ITO to allow particular percentage of development rebate, which he modified subsequently after looking to the fact that the said material produced or manufactured by the asse....