https://www.taxtmi.com/caselaws?id=236410 The High Court allowed the revenue's appeals, setting aside the ITAT's order that had allowed the rectification applications of the assesses. The court concluded that the applications under Section 154 were not valid as they sought to amend the returns rather than correct an apparent error. Additionally, the court found that the ITAT's decision was based on an erroneous assumption that the entire amount of Rs.4,84,88,500/- was taxed in the hands of M/s MSL, which was not the case as per the settlement commission's order. The assessment orders passed by the assessing officer and affirmed by the CIT (Appeals) were restored. en-us Thu, 04 Jul 2013 00:00:00 +0530 Fri, 31 Jan 2014 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236410 The High Court allowed the revenue's appeals, setting aside the ITAT's order that had allowed the rectification applications of the assesses. The court concluded that the applications under Section 154 were not valid as they sought to amend the returns rather than correct an apparent error. Additionally, the court found that the ITAT's decision was based on an erroneous assumption that the entire amount of Rs.4,84,88,500/- was taxed in the hands of M/s MSL, which was not the case as per the settlement commission's order. The assessment orders passed by the assessing officer and affirmed by the CIT (Appeals) were restored. Case-Laws Income Tax Thu, 04 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236410