Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Section 154 allows the Income Tax Authorities to amend, correct, and pass orders notwithstanding anything in law, except matters already considered on appeal or revision. The Assessing Officer's powers are wide-ranging, allowing amendment of earlier orders suo motu or on rectification application. In this scrutiny case, the Assessing Officer could have examined the law and waived deductions from book profits for MAT liability calculation. The ITAT found the inadvertent mistake occurred due to misinterpretation and can be corrected u/s 154, as no new facts or accounts were introduced. The High Court held that the mistake arising from misinterpretation of law while filing the ITR can be rectified u/s 154, dismissing the Revenue's appeal.
Section 154 allows the Income Tax Authorities to amend, correct, and pass orders notwithstanding anything in law, except matters already considered on appeal or revision. The Assessing Officer's powers are wide-ranging, allowing amendment of earlier orders suo motu or on rectification application. In this scrutiny case, the Assessing Officer could have examined the law and waived deductions from book profits for MAT liability calculation. The ITAT found the inadvertent mistake occurred due to misinterpretation and can be corrected u/s 154, as no new facts or accounts were introduced. The High Court held that the mistake arising from misinterpretation of law while filing the ITR can be rectified u/s 154, dismissing the Revenue's appeal.
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