https://www.taxtmi.com/caselaws?id=265045 The High Court allowed the appeal, setting aside the orders passed by ITAT, CIT(A), and the Deputy Commissioner of Income Tax. The court held that the Assessing Officer's use of section 154 to change the set off from various income sources to only business income was unjustified. It was determined that rectification under section 154 requires an obvious mistake, which was not present in this case. The court ruled in favor of the assessee, allowing the appeal and emphasizing the need for detailed examination on the issue of setting off income from different sources as business loss. en-us Fri, 03 Jul 2015 00:00:00 +0530 Tue, 06 Oct 2015 06:00:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265045 The High Court allowed the appeal, setting aside the orders passed by ITAT, CIT(A), and the Deputy Commissioner of Income Tax. The court held that the Assessing Officer's use of section 154 to change the set off from various income sources to only business income was unjustified. It was determined that rectification under section 154 requires an obvious mistake, which was not present in this case. The court ruled in favor of the assessee, allowing the appeal and emphasizing the need for detailed examination on the issue of setting off income from different sources as business loss. Case-Laws Income Tax Fri, 03 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265045