Law:

Section:

Section 154, read with sections 234B and 234C, of the Income-tax Act, 1961 - Rectification of mistake - Apparent from records - Assessment year 2002-03 - In rectification proceedings under section 154 it is not permissible to charge interest under sections 234B and 234C, before allowing credit for minimum alternate tax [In favour of assessee] Any issue of law on which there may conceivably be two opinions, or where the issue is debatable, cannot form part of proceedings under section 154. The scope of section 154 is to correct an apparent mistake on record and not something which can be established by a long drawn process of reasoning as to the true scope of the provisions in question. In the rectification proceedings initiated under section 154, the Assessing Officer charged interest under sections 234B and 234C before allowing credit for minimum alternate tax. Held that the order made by the Assessing Officer itself indicated that the issue required debate and deliberation. Hence, the same could not be termed to be a mistake apparent on record so as to levy interest under sections 234B and 234C without granting credit for minimum alternate tax. Manish R. Bhatt and Mrs. Mauna M. Bhatt for the Appellant. R.K. Patel for the Respondent. JUDGMENT D.A. Mehta, J. - On March 2, 2010, the following order came to be made by the court : "(1) Heard learned senior standing counsel for the appellant-Revenue. (2) Though the Income-tax Appellate Tribunal, while passing the impugned order dated April 10, 2008, has not dealt with the issue as to whether under section 154 of the Income-tax Act, 1961 (the Act), it was permissible to charge interest under sections 234B and 234C of the Act before allowing credit for minimum alternate tax, in the facts of the present case, the same is required to be considered. (3) Hence, notice for final disposal returnable on March 23, 2010." 2. Heard learned counsel appearing for the parties. 3. Admit. The following substantial question of law arises for determination from the order dated April 10, 2008, made by the Income-tax Appellate Tribunal, D-Bench, Ahmedabad : "Whether, on the facts and in the circumstances of the case, it was permissible…

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