COMMISSIONER OF INCOME-TAX versus SAKTHI SUGARS LTD.
The correctional error record is evident from the developmental waiver in the year of installation of the machinery for the claim of deduction, namely, 72? or the year in which the deduction was allowed, development 72 or year 73, in the original assessment by the ITO. Demand for withdrawal of development waiver given. Correcting the assessment for the assessment year 1972, the 73 Tribunal found that there was no failure to create the reserve, but then the estimated year tribunal lacked the money needed to generate the reserve, which was mistakenly needed. There was no allowance for excess waivers that required a correction dispute. What is the opinion of the High Courts on this issue whether the development waiver may be accounted for in the following year as well, the view taken by the circular issued by the CBDT in 1965 and 1979, not permanent? The amendment shows no error in the Indian Income Tax Act, 1961, Sections 34 (3) (a) and 154 CBDT Circular No. FF 10/49/65 ITA I, 189 and 259, dated 14 10 1965, 30 1 1976 and 11 7 1979
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