https://www.taxtmi.com/caselaws?id=65738 The tribunal allowed the rectification application under section 254(2) of the Act, rectifying its previous order in light of the changed legal position post the Supreme Court decision. The rectification was granted based on the mistake apparent from the record due to the subsequent interpretation of law by the Supreme Court, which deemed the earlier decision as incorrect. The tribunal emphasized the importance of adhering to the correct legal interpretation provided by the higher court, leading to a ruling in favor of the assessee regarding the re-opening of assessment cases. en-us Fri, 30 May 1980 00:00:00 +0530 Fri, 18 Feb 2011 15:17:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65738 The tribunal allowed the rectification application under section 254(2) of the Act, rectifying its previous order in light of the changed legal position post the Supreme Court decision. The rectification was granted based on the mistake apparent from the record due to the subsequent interpretation of law by the Supreme Court, which deemed the earlier decision as incorrect. The tribunal emphasized the importance of adhering to the correct legal interpretation provided by the higher court, leading to a ruling in favor of the assessee regarding the re-opening of assessment cases. Case-Laws Income Tax Fri, 30 May 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65738