9911796707
TMI Blog1996 (4) TMI 17X X X X Extracts X X X X X X X X Extracts X X X X ..... 71] 82 ITR 50, the Appellate Tribunal was right in holding that there was a mistake apparent from records within the meaning of section 154 of the Act and in directing the Inspecting Assistant Commissioner to rectify the assessment to allow extra relief under section 80K of the Income-tax Act? 2. Whether, on the facts and in the circumstances of the case, the Inspecting Assistant Commissioner was not justified in not granting the extra relief under section 80K to the assessee on the basis of the certificate dated February 25, 1980, issued by the Indian company suo motu when the Income-tax Officer did not revise the original certificate issued under section 197(3) of the Act? 3. Whether the Appellate Tribunal's finding that the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Based on the said order, the Indian company requested the Income-tax Officer to issue a revised certificate under section 197(3) for the benefit of the relief admissible under section 80K of the Act in the hands of the shareholders. The Income-tax Officer in his letter dated August 29, 1979, negatived the assessee's claim since the High Court's decision relied on by the Appellate-Assistant Commissioner has not been accepted and that the order of the appellate authority has been taken up in appeal. The Indian company, however, suo motu issued a certificate on February 25, 1980, certifying that 100 per cent. of the dividend declared for the year ended June 30, 1975, and 46.1 per cent. of the dividend declared for the year ended on June 30, 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Income-tax (Appeals) was justified in directing the Inspecting Assistant Commissioner to amend the orders under section 154. Thus the Departmental appeals were dismissed. Before us, it was submitted that the Indian company suo motu issued the certificate on February 25, 1980, certifying that 100 per cent. of the dividends declared for the year ending on June 30, 1975, and 46.1 per cent. of the dividend declared for the year ending on June 30, 1976, have been paid out of the profits and gains in respect of which the company is eligible for tax relief under section 80J, read with rule 20 of the Income-tax Rules, 1962. It is stated that this certificate was issued in view of the decision of this court in Madras Industrial Linings Ltd. v. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
