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2010 (2) TMI 372 - HC - Income TaxRectification of Mistake- The appellant-company is a leading chit fund company. The dispute is in regard to the assessment year 1998-99. The return was processed under section 143(1) of the Act and ordered for refund of Rs. 19,52,528 (including interest of Rs.1,61,168) and the amount was adjusted towards the arrears of tax payable by the assessee for the earlier assessment years. A notice under section 143(2) was issued. After hearing, an order was passed directing the assessee to pay the balance of Rs. 74,56,355. This order was passed on January 29, 2001. Subsequently, a notice under section 154 was issued to the assessee by the Joint Commissioner of Income-tax on the ground that the order of assessment passed on January 29, 2001, has to be rectified on the ground that the interest payable under section 234B had not been levied while passing the order of assessment. An order under section 154 of the Income-tax Act was passed as per anneuxre B dated June 28, 2001. This order upheld by the Commissioner (Appeals) and Tribunal. Held that- in the light of the judgment of CIT v. Ranchi Club 2008 -TMI - 40255 - SUPREME Court, while passing order of assessment. Just because there was a subsequent amendment, the Assessing Officer could not reopen the file. Thus the order of rectification is not valid allow the appeal.
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