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HC allowed the petition, setting aside the tax demand notice issued u/s 156 due to computational errors. The court found significant discrepancies in the Assessing Officer's (AO) tax calculation and recognized the appellate order granting exemption u/s 10(26AAB). The HC directed a fresh computation of tax liability, effectively nullifying the original demand notice and the additions made u/s 69 and 69A of the Income Tax Act. The decision fundamentally rectifies the erroneous tax assessment by mandating a comprehensive recalculation that aligns with the previously granted exemption.
HC allowed the petition, setting aside the tax demand notice issued u/s 156 due to computational errors. The court found significant discrepancies in the Assessing Officer's (AO) tax calculation and recognized the appellate order granting exemption u/s 10(26AAB). The HC directed a fresh computation of tax liability, effectively nullifying the original demand notice and the additions made u/s 69 and 69A of the Income Tax Act. The decision fundamentally rectifies the erroneous tax assessment by mandating a comprehensive recalculation that aligns with the previously granted exemption.
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