Rectification of audit pointed mistakes requires aggregating all adjustments; limitation waived only if net relief to assessee results. The limitation waiver for rectifying audit-pointed mistakes applies only when all such mistakes, taken on their merits without regard to time-bar, produce a net benefit to the assessee; consequently, both favourable and adverse mistakes must be aggregated and considered before invoking the waiver.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Rectification of audit pointed mistakes requires aggregating all adjustments; limitation waived only if net relief to assessee results.
The limitation waiver for rectifying audit-pointed mistakes applies only when all such mistakes, taken on their merits without regard to time-bar, produce a net benefit to the assessee; consequently, both favourable and adverse mistakes must be aggregated and considered before invoking the waiver.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.