COMMISSIONER OF INCOME TAX Vs. MADRAS FERTILISERS LTD

JUDGEMENT

(1.) THE questions referred to us at the instance of the Revenue are,

(2.) THE assessment years are 1973 -74, 1974 -75 and 1975 -76.

(3.) THE assessee appealed against that order of rectification and contended that the Assessing Officer had exceeded his jurisdiction as there was no mistake apparent on the face of the record in the earlier order and that the issue in this case was a debatable one. The assessee's appeal was rejected by the Commissioner. However, the assessee's stand was upheld by the Tribunal. The Tribunal rejected the argument that was put forth for the Revenue that the Tribunal had earlier made an order in the case of another assessee which had interpreted Section 40A(5)(b) and that the rectified order made by the Assessing Officer was in conformity with the order of the Tribunal. The Tribunal while rejecting the argument held that the interpretation given by it earlier had become the subject matter of the reference to the High Court. That issue continued to remain debatable and therefore such a debatable issue could not be regarded as a mistake apparent on the face of the record.