https://www.taxtmi.com/caselaws?id=218372 The Tribunal dismissed the revenue's appeal and allowed the assessee's appeal in the judgment, emphasizing the importance of clear mistakes for rectifications under section 154 of the Income Tax Act. The central issues involved rectification of disallowance of loss assessed under Long Term Capital Gains on the transfer of shares and computation of capital gain with negative net worth. The Tribunal held that the rectifications carried out by the Assessing Officer were not justified as they were based on debatable interpretations and changes of opinion, leading to the dismissal of the revenue's appeals on both issues. en-us Thu, 31 May 2012 00:00:00 +0530 Mon, 12 Nov 2012 11:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218372 The Tribunal dismissed the revenue's appeal and allowed the assessee's appeal in the judgment, emphasizing the importance of clear mistakes for rectifications under section 154 of the Income Tax Act. The central issues involved rectification of disallowance of loss assessed under Long Term Capital Gains on the transfer of shares and computation of capital gain with negative net worth. The Tribunal held that the rectifications carried out by the Assessing Officer were not justified as they were based on debatable interpretations and changes of opinion, leading to the dismissal of the revenue's appeals on both issues. Case-Laws Income Tax Thu, 31 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218372