https://www.taxtmi.com/caselaws?id=65970 A retrospective amendment can justify rectification where the original assessment was made without applying the law as retrospectively declared, so a mistake apparent from the record may be corrected under section 154. Dividend income for deduction purposes must be computed under the head "Income from other sources", with only expenditure wholly and exclusively incurred to earn that dividend allowed as a deduction. On the facts, the allowable expenditure was limited to Rs. 3,000 per year, and further apportionment of business expenditure against the dividend income was not warranted because that expenditure had already been absorbed in computing business income. en-us Thu, 08 Mar 1984 00:00:00 +0530 Sat, 19 Feb 2011 15:33:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65970 A retrospective amendment can justify rectification where the original assessment was made without applying the law as retrospectively declared, so a mistake apparent from the record may be corrected under section 154. Dividend income for deduction purposes must be computed under the head "Income from other sources", with only expenditure wholly and exclusively incurred to earn that dividend allowed as a deduction. On the facts, the allowable expenditure was limited to Rs. 3,000 per year, and further apportionment of business expenditure against the dividend income was not warranted because that expenditure had already been absorbed in computing business income. Case-Laws Income Tax Thu, 08 Mar 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65970