M.H.S. Ansari, J. - (1.) This is an appeal under Section 260A of the Income-tax Act, 1961. The same was admitted by this court and the following questions of law arising out of an order dated May 2, 2000, passed by the Income-tax Appellate Tribunal, "C" Bench, Calcutta, in income-tax appeal being I. T. A. No. 425/Cal of 1995 for the assessment year 1988-89, were framed : "(1) Whether the determination and/or computation under Section 115J is required to be made in an order under Section 143(3) and not having been so made the liability, if any, under Section 115J lapses and cannot be introduced by seeking to rectify a subsequent order under Section 154 ? (2) Whether in a case where according to the Department the determination and/or computation under Section 115J was required to be made in the original order of assessment under Section 143(3) but was not made, can such determination and/or computation under Section 115J be made by seeking to rectify a subsequent order under Section 154 ? (3) Whether an order under Section 154 can be said to suffer from a mistake apparent from the record by reason of non-determination/ non-computation of income under Section 115J when according to the Department such determination and/or computation was required to be made in the original assessment under Section 143(3) ? (4) Whether and in any event Section 115] can be applied and any determination and/or computation thereunder can be made in proceeding under Section 154 ?"
(2.) The facts to the extent relevant for consideration of the questions as framed above, briefly stated, are as under :
(3.) The assessee filed a return on August 12, 1988, showing total income of Rs. 36,00,000 being 30 per cent, of the book profit which was higher than the total income as per computation of the assessee at Rs. 29,97,170 as per the provisions of the Act. Subsequently, the assessee filed a revised return of income showing a total income of Rs. 39,75,514 which was more than 30 per cent, of the book profit.;