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1970 (5) TMI 25 - HC - Income TaxEither under section 35 of the Income-tax Act, 1922, or under section 154 of the 1961 Act, the jurisdiction of the Income-tax Officer to rectify any mistake in any assessment order or refund order must be confined to a mistake which is apparent from the record – Whether rectification can be made on the ground that consideration paid was lower than the written down value and excess depreciation can be disallowed? When assets are transferred in consideration of fully paid up shares, it is difficult to say whether the actual consideration is only the face value of the shares – therefore, Income-tax Officer had no jurisdiction to issue the impugned notice under section 154 purporting to correct an alleged error apparent on the records
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