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2004 (2) TMI 53 - HC - Income TaxRectification of mistake - 1. Whether, Tribunal was right in holding that the assessee was a trading company as defined in the Finance Acts, 1986, 1987 and 1988 and was chargeable to tax at the higher rate of 60 per cent.? - 2. Whether, Tribunal was right in holding that the question whether the company which worked as tea brokers and auctioneers was or was not a trading company gave no scope for any debate and as such action for rectification of the assessment under section 154 was justified?" - It was no more a case of error apparent from the records justifying interference under section 154 without holding any further enquiry - Therefore, both questions Nos. 1 and 2 are answered in the negative in favour of the assessee.
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