Law:

Section:

Section 154, read with sections 80J and 256, of the Income-tax Act, 1961 - Rectification of mistakes - Apparent from records - Whether where Tribunal held that mistake of not calculating capital as on first day of previous year when assessment order was passed, for purpose of computation of deduction admissible under section 80J was not a mistake apparent from record which could be rectified by ITO under section 154, a referable question of law did arise out of order of Tribunal - Held, yes - Whether where Tribunal held that issue of computation of capital employed as on first day of previous year for purpose of computation of relief under section 80J was a contentious one in which there could be two opinions and, therefore, there was no mistake apparent from record rectifiable by ITO, a referable question of law did arise from Tribunal's order - Held, yes - Whether where Tribunal set aside ITO's order under section 154 considering particularly provisions of section 80J(1A) inserted by Finance (No. 2) Act, 1980, with retrospective effect from 1-4-1972, a referable question of law did arise from order passed by Tribunal - Held, yes Note: The case has been decided in favour of the Revenue. L.K. Sood for the Applicant. JUDGMENT V. Ramaswamy, CJ.-We are satisfied that the following three questions of law do arise from out of the order of the Tribunal. Accordingly, we direct the Tribunal to state a case and refer the same to this court for its…

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