2003 (10) TMI 12 - RAJASTHAN HIGH COURT

"Whether, the mistake pointed out by the Assessing Officer for invoking jurisdiction under section 154 can be considered as a mistake apparent from the record, which could confer jurisdiction to the Assessing Officer for initiating and making orders under section 154 of the Income-tax Act, 1961, for the purpose of recomputing allowable deduction under section 80-I?" - we are of the opinion that the Tribunal has not erred in holding that there was no rectification possible under section 80-I in the present case, albeit, for reasons somewhat different from those which prevailed with the Tribunal. There being no carry forward of allowable deductions under the head depreciation or development rebate which needed to be absorbed against the income of the current year and, therefore, recomputation of income for the purpose of computing permissible deduction under section 80-I for the new industrial undertaking was not required in the present case.