Dismissing the appeal the Court held that an order contrary to law declared by the Supreme Court in Ipca Laboratory Ltd. v. Dy.CIT (2004) 266 ITR 521 (SC) would constitute an error apparent on the face of the record. Therefore, the order passed by the Assessing Officer exercising his jurisdiction conferred under section 154 as affirmed by the appellate authorities did not warrant interference. (AY.2001-02)
Lakshmi Mills Co. Ltd. v. ACIT (2022) 441 ITR 594 (Mad.)(HC)
S. 154 : Rectification of mistake-Setting Off of unabsorbed losses of earlier years-Rectification of order in accordance with supreme court ruling-Law laid down by Supreme Court binding. [S. 80HHC]