TMI Blog2007 (1) TMI 136X X X X Extracts X X X X X X X X Extracts X X X X ..... e-tax Appellate Tribunal, Amritsar Bench, Amritsar (for short, "the Tribunal") in I. T. A. No. 647/Chandi/79 dated December 20, 1980, in respect of the assessment year 1974-75 : "1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is right in law in holding that the mistake of not calculating the capital as on the first day of the previous year, when ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer's order under section 154 considering particularly the provisions of section 80J (1A) inserted by the Finance (No.2) Act, 1980 with retrospective effect from April 1, 1972?" Briefly, the facts of the case are that the assessee filed its return of income which was assessed vide order dated December 31, 1976. While framing the assessment, the deduction under section 80J of the Act was all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Revenue was unable to point out any error in the view taken by the Tribunal wherein it is held that the issue as on date was debatable and when two views on the same issue were available, the order of assessment cannot be held to be suffering from error or mistake apparent from record and, accordingly, the jurisdiction under section 154 of the Act could not be exercised. Endorsing the view ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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