https://www.taxtmi.com/caselaws?id=62801 The Tribunal dismissed the appeals by a registered firm, upholding the rectification orders by the ITO under section 154 of the Income-tax Act. The firm's deduction under section 80J for the years 1975-76 to 1977-78 was reduced due to a retrospective amendment excluding borrowed capital. The Tribunal held that the retrospective change constituted a mistake apparent from the record, aligning with Supreme Court decisions. The judgment underscores the impact of timing on rectification proceedings and the application of legal principles in tax matters. en-us Thu, 18 Aug 1983 00:00:00 +0530 Fri, 21 Jan 2011 18:16:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62801 The Tribunal dismissed the appeals by a registered firm, upholding the rectification orders by the ITO under section 154 of the Income-tax Act. The firm's deduction under section 80J for the years 1975-76 to 1977-78 was reduced due to a retrospective amendment excluding borrowed capital. The Tribunal held that the retrospective change constituted a mistake apparent from the record, aligning with Supreme Court decisions. The judgment underscores the impact of timing on rectification proceedings and the application of legal principles in tax matters. Case-Laws Income Tax Thu, 18 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62801