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From the Courts »
 M/S TEJ QUEBCOR PRINTING LTD. Vs. JOINT COMMISSIONER OF INCOME TAX
 Principal Commissioner Of Income Tax (Central) Vs. M/s A2z Maintenance & Engineering Services Ltd.
 Pr. Commissioner Of Income Tax-19 Vs. Shri Neeraj Jindal
 Rollatainers Ltd. Vs. Commissioner Of Income Tax
 CIT vs. G K K Capital Markets (P) Limited (Calcutta High Court)
 CIT vs. Arpit Land Pvt. Ltd (Bombay High Court)
 CIT vs. Abacus Distribution Systems (India) Pvt. Ltd (Bombay High Court)
  ACIT vs. Mahesh K. Shah (ITAT Mumbai)
  Malay N. Sanghvi vs. ITO (Bombay High Court)
 Pr. Commissioner Of Income Tax-Xviii Vs. Praveen Saxena
 Unitech Hospitality Services Limited Vs. Assistant Commissioner Of Income Tax

SC: Tax tribunal must rectify mistake if it causes harm to assessee
December, 03rd 2007
The Supreme Court has asserted that if the income tax tribunal realises that it had made a mistake causing harm to an assessee or the revenue department, it has a duty to rectify it exercising its power under Section 254(2) of the Income Tax Act.
 
It thus overruled the Delhi High Court in the case of Honda Siel Power Products which manufactures portable generators in collaboration with Honda Motor Company, Japan.
 
The company had claimed depreciation on account of fluctuation of the foreign exchange rate by enhancing the written down value of the assets. The tribunal did not allow it initially, but on pointing out an omission, it rectified the mistake. This was not permitted by the high court. The Supreme Court set aside the high court judgment observing that the tribunal was justified in rectifying the manifest error which caused prejudice to the company.
 
 
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