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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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