https://www.taxtmi.com/caselaws?id=4182 The High Court dismissed the revenue's appeal challenging the Tribunal's rejection of a rectification plea based on a subsequent Supreme Court decision. The Court held that the rectification proceedings initiated before the Supreme Court judgment were not justified as they pertained to a debatable issue, not an apparent mistake. Emphasizing that Section 154 allows correction of apparent errors only, the Court upheld the Tribunal's decision in favor of the assessee, citing the settled nature of the issue post the Supreme Court ruling. The revenue's appeal was dismissed without costs. en-us Wed, 31 Jan 2007 00:00:00 +0530 Sat, 26 Jul 2008 18:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4182 The High Court dismissed the revenue's appeal challenging the Tribunal's rejection of a rectification plea based on a subsequent Supreme Court decision. The Court held that the rectification proceedings initiated before the Supreme Court judgment were not justified as they pertained to a debatable issue, not an apparent mistake. Emphasizing that Section 154 allows correction of apparent errors only, the Court upheld the Tribunal's decision in favor of the assessee, citing the settled nature of the issue post the Supreme Court ruling. The revenue's appeal was dismissed without costs. Case-Laws Income Tax Wed, 31 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4182