https://www.taxtmi.com/caselaws?id=249182 The appellate authority allowed the rectification application under Section 154, except for disallowance under Section 43-B, finding the adjustments incorrect. It held that additional tax was not chargeable if the net result was negative. However, the Tribunal erred in affirming this, as the Supreme Court ruled otherwise. The Tribunal's reliance on a judgment later reversed did not impact the case outcome. The imposition of additional income tax under Section 143(1A) depends on upheld adjustments. The appeal was dismissed as no merit was found in the arguments presented. en-us Tue, 01 Jul 2014 00:00:00 +0530 Wed, 18 Feb 2015 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249182 The appellate authority allowed the rectification application under Section 154, except for disallowance under Section 43-B, finding the adjustments incorrect. It held that additional tax was not chargeable if the net result was negative. However, the Tribunal erred in affirming this, as the Supreme Court ruled otherwise. The Tribunal's reliance on a judgment later reversed did not impact the case outcome. The imposition of additional income tax under Section 143(1A) depends on upheld adjustments. The appeal was dismissed as no merit was found in the arguments presented. Case-Laws Income Tax Tue, 01 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249182