https://www.taxtmi.com/caselaws?id=262596 The Bombay High Court held that the issue of deduction under Section 35D of the Income Tax Act, related to expenses from private placement of equity shares, was not amenable to rectification under Section 154 as it was a matter of opinion and debatable. The Court dismissed the revenue's review application, finding it contradictory to the appeal memo and lacking exceptional circumstances warranting a review. The Court imposed a cost of Rs. 5,000 on the Commissioner of Income Tax for filing the review petitions casually. en-us Fri, 31 Jul 2015 00:00:00 +0530 Thu, 13 Aug 2015 23:36:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262596 The Bombay High Court held that the issue of deduction under Section 35D of the Income Tax Act, related to expenses from private placement of equity shares, was not amenable to rectification under Section 154 as it was a matter of opinion and debatable. The Court dismissed the revenue's review application, finding it contradictory to the appeal memo and lacking exceptional circumstances warranting a review. The Court imposed a cost of Rs. 5,000 on the Commissioner of Income Tax for filing the review petitions casually. Case-Laws Income Tax Fri, 31 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262596