Rectification u/s 154 without careful consideration of the facts and circumstances of the case, and the basic issue whether section 154 could be invoked at all
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Rectification under section 154 is narrowly confined; choose remedial measures carefully to protect revenue and invoke section 263 where appropriate. Rectification under section 154 is confined to mistakes apparent from the record and must not be used where the error relies on extraneous evidence or ... Summary
Rectification under section 154 is narrowly confined; choose remedial measures carefully to protect revenue and invoke section 263 where appropriate.
Rectification under section 154 is confined to mistakes apparent from the record and must not be used where the error relies on extraneous evidence or extensive reasoning. Reopening under section 147(b) is susceptible if based only on change of opinion; audit scrutiny notes as "information" are legally contested. Intervention under section 263 is recommended where assessments are unappealed and significant tax is involved. ITOs should assess remedial options carefully, consult IACs, and avoid measures that risk loss of revenue.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
Join Channel
TaxTMI 
