https://www.taxtmi.com/caselaws?id=329235 The Tribunal rectified its mistake in modifying an order under a miscellaneous application, holding that it did not exceed its jurisdiction. The appeal was dismissed. The issue of taxability of interest income on loans and advances was resolved with the income offered for taxation in a later assessment year. The dispute over income recognition under the mercantile system was corrected by the Tribunal, adjusting the income for taxation in a subsequent year. Rectification of mistakes in the Tribunal's order was allowed, with adjustments made accordingly, leading to the dismissal of the appeal. en-us Mon, 20 Jun 2016 00:00:00 +0530 Wed, 10 Aug 2016 17:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329235 The Tribunal rectified its mistake in modifying an order under a miscellaneous application, holding that it did not exceed its jurisdiction. The appeal was dismissed. The issue of taxability of interest income on loans and advances was resolved with the income offered for taxation in a later assessment year. The dispute over income recognition under the mercantile system was corrected by the Tribunal, adjusting the income for taxation in a subsequent year. Rectification of mistakes in the Tribunal's order was allowed, with adjustments made accordingly, leading to the dismissal of the appeal. Case-Laws Income Tax Mon, 20 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329235