Mistake apparent from record: tax authorities may rectify assessments suo motu following higher court interpretation. The Board clarifies that an error resulting from subsequent Supreme Court interpretation is a mistake apparent from the record and may be corrected either on an assessee's application or suo motu by the assessing officer under the rectification provisions; assessing officers must rectify and recalculate enhanced Wealth Tax penalties in line with the Supreme Court decision and issue instructions to implement corrections.
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.
Mistake apparent from record: tax authorities may rectify assessments suo motu following higher court interpretation.
The Board clarifies that an error resulting from subsequent Supreme Court interpretation is a mistake apparent from the record and may be corrected either on an assessee's application or suo motu by the assessing officer under the rectification provisions; assessing officers must rectify and recalculate enhanced Wealth Tax penalties in line with the Supreme Court decision and issue instructions to implement corrections.
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