https://www.taxtmi.com/caselaws?id=263664 The High Court held that the assessing officer's decision on the exemption of interest earned on EEFCTDR under Section 10(15)(iv)(e) of the Income Tax Act could not be rectified under Section 154 as it was not a patent mistake. The Court emphasized that rectification under Section 154 should address obvious errors, not matters requiring extensive reasoning. Additionally, the Court ruled that the Commissioner's notice under Section 263 was invalid after the assessment order was modified under Section 154, quashing all related notices and orders in favor of the assessee. The Court dismissed the Department's appeals, underscoring the importance of adhering to legal principles in tax assessments and rectifications. en-us Tue, 01 Sep 2015 00:00:00 +0530 Tue, 08 Sep 2015 10:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263664 The High Court held that the assessing officer's decision on the exemption of interest earned on EEFCTDR under Section 10(15)(iv)(e) of the Income Tax Act could not be rectified under Section 154 as it was not a patent mistake. The Court emphasized that rectification under Section 154 should address obvious errors, not matters requiring extensive reasoning. Additionally, the Court ruled that the Commissioner's notice under Section 263 was invalid after the assessment order was modified under Section 154, quashing all related notices and orders in favor of the assessee. The Court dismissed the Department's appeals, underscoring the importance of adhering to legal principles in tax assessments and rectifications. Case-Laws Income Tax Tue, 01 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263664