1983 (6) TMI 26 - HC - Income Tax

Summary

The High Court of Calcutta ruled that there was no mistake apparent from the record in the case involving deduction under s. 80M of the I.T. Act, 1961. The Tribunal canceled the ITO's order under s. 154 of the Act. The Court held that the matter was debatable and not a clear mistake for rectification. The question of relief under s. 80M in relation to past depreciation was not a clear error for rectification under s. 154. The decision favored the assessee.