GRASIM INDUSTRIES LTD Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) The question of law as referred to us under Section 256(1) of the Income Tax Act is as follows:

(2.) The brief facts of the case are as follows:

(3.) On perusal of Section 154 of the Income Tax Act it is clear that a condition for the exercise of jurisdiction under Section 154 is the existence of "any mistake apparent from the record". The law relating to the question as to what is a mistake apparent from the record is well settled. In Arvind N. Mqfatlal v. ITO, 1957 32 ITR 350 (Bom), this Court was considering the scope of the jurisdiction under Section 35 of the Indian Income Tax Act, 1922 which was pari materia to Section 154 and in its judgment this Court defined the scope of the jurisdiction as under: