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2004 (4) TMI 7 - HC - Income TaxPower u/s 154 invoked by AO - Revenue, is right in contending that when proceedings are taken for rectification of assessment under section 154 those proceedings must be held to be proceedings for assessment. In proceedings u/s 154 what the Assessing Officer does is to correct errors in, or rectify, the order of assessment made by him, and orders making such corrections or rectifications are, therefore, clearly part of the proceedings for assessment - As noticed, the power u/s 154 was invoked by the Assessing Officer as according to him there was a mistake while passing the order u/s 154 as the provision of section 115J was not taken into account while computing the refund. The Income-tax Appellate Tribunal by its order under appeal upheld the said action of the Assessing Officer and in our view rightly.
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