1973 (1) TMI 9 - HC - Income Tax

Whether the Income-tax Appellate Tribunal was right in law in permiting the Income-tax Officer to dispute the, reduction of Rs 8,730, given by the Appellate Assistant Commissioner, on the, basis of a report submitted by him, conceding the claim of the assessee ? - Whether there is an estoppel in regard to rectification of assessment Held, no, If a bona fide mistake has been committed in an assessment, it is open to the department to rectify the mistake

Summary

The High Court of Kerala ruled in favor of the department, stating that they were allowed to rectify a mistake made in a previous report. The Income-tax Appellate Tribunal reversed the decision of the Appellate Assistant Commissioner and omitted the deduction of Rs. 8,730. The court held that there was no estoppel in rectifying the mistake, and directed the parties to bear their respective costs. The question was answered in the affirmative.