1980 (12) TMI 83 - AT - Income Tax

Summary

The appeal was filed by the assessee under s. 154 for rectifying a mistake in the assessment due to a Supreme Court pronouncement. The assessee, a building contractor, requested a rate adjustment based on actual receipts minus cost of supplies. The ITO and AAC rejected the application, but the ITAT directed the ITO to verify if the contracts were on record for rectification. The appeal was allowed for statistical purposes. (Case citation: 1980 (12) TMI 83 - ITAT CALCUTTA-A)