Law:

Section:

Section 154 of the Income-tax Act, 1961 - Rectification of mistakes - Apparent from records - Assessment years 1986-87 to 1988-89 - Assessee-company was initially subjected to tax at 55 per cent of total income by treating it as falling within purview of expression 'in any other case' mentioned in Part III of Finance Acts, 1986, 1987 and 1988 - Subsequently, Assessing Officer in exercise of power under section 154, subjected assessee to tax at 60 per cent of total income by treating it as a trading company mentioned in Part III of Finance Acts - Whether since assessee-company only…

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