https://www.taxtmi.com/caselaws?id=334186 The Tribunal dismissed the miscellaneous applications filed by the assessee, holding that the rental income should be assessed as "income from house property" and not "business income." The Tribunal found no apparent mistake in its previous order that warranted rectification under section 254(2) based on subsequent interpretations of law. The Tribunal reiterated that the power of rectification is limited to correcting obvious and patent mistakes and does not extend to re-evaluating decisions based on new arguments or interpretations. en-us Mon, 19 Sep 2016 00:00:00 +0530 Sat, 05 Nov 2016 07:20:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334186 The Tribunal dismissed the miscellaneous applications filed by the assessee, holding that the rental income should be assessed as "income from house property" and not "business income." The Tribunal found no apparent mistake in its previous order that warranted rectification under section 254(2) based on subsequent interpretations of law. The Tribunal reiterated that the power of rectification is limited to correcting obvious and patent mistakes and does not extend to re-evaluating decisions based on new arguments or interpretations. Case-Laws Income Tax Mon, 19 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334186