1998 (6) TMI 12

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... d to us was at the instance of the Revenue arising out of the assessment of the respondent's income for the assessment year 1968-69 is "whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in cancelling the order passed by the Income-tax Officer under section 154 as infructuous when the earlier order under section 155(5) has not become final because of t .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... rectification was made. The Appellate Tribunal was clearly in error in holding that the order of rectification under section 154 was infructuous. Learned counsel for the assessee submitted that at the time the order under section 154 was made there was no valid order under section 155(5) as the order that had been made under that provision had been cancelled by the Appellate Tribunal. The corr .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... date on which that order was first made. It has been found by the apex court that the assessee was not entitled to the development rebate which had been allowed for the assessment years 1965-66 to 1972-73. The order under section 155(5) was warranted on account of the conversion of the assessee's proprietary business into a partnership firm. The order made under section 154 was a valid order. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X