STANDARD RADIATORS Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE Tribunal (hereinafter referred to as " the Tribunal "), has referred to us for our opinion the following question under S. 256(1) of the IT Act, 1961 (hereinafter referred to as " the Act ") :

(2.) THE facts leading to this reference are as follows:

(3.) THE first question that we have to decide is whether, on the facts and in the circumstances of the case, the AAC was acting within his powers in making the impugned rectification. The second question on which arguments were advanced by learned counsel for the parties is whether the ITO could have rectified or amended the assessment order in the manner he had done and if he had no power to pass such rectification order, whether the AAC could have made the impugned rectification. The ITO and the AAC purported to make the said rectification under S. 154 of the Act. That section, to the extent material for our purposes, reads as follows :