https://www.taxtmi.com/caselaws?id=65559 The Tribunal held that the CIT's order under s. 154 of the IT Act, 1961, directing income to be assessed on actual receipt basis instead of accrual basis, was impermissible. The Tribunal found that s. 154 only allows rectification of apparent mistakes, not legal propositions. The CIT's decision to reverse the accrual basis judgment based on a Supreme Court ruling was deemed beyond the scope of s. 154. As a result, the assessee's appeals were allowed, and the CIT's order was canceled. The Tribunal advised the Revenue to address the CIT's intent to tax interest income from previous years separately in accordance with the law. en-us Tue, 16 Jan 2007 00:00:00 +0530 Thu, 12 Jul 2012 15:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65559 The Tribunal held that the CIT's order under s. 154 of the IT Act, 1961, directing income to be assessed on actual receipt basis instead of accrual basis, was impermissible. The Tribunal found that s. 154 only allows rectification of apparent mistakes, not legal propositions. The CIT's decision to reverse the accrual basis judgment based on a Supreme Court ruling was deemed beyond the scope of s. 154. As a result, the assessee's appeals were allowed, and the CIT's order was canceled. The Tribunal advised the Revenue to address the CIT's intent to tax interest income from previous years separately in accordance with the law. Case-Laws Income Tax Tue, 16 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65559