https://www.taxtmi.com/caselaws?id=336304 The ITAT Mumbai ruled in favor of the assessee in an appeal against invoking section 154 of the Income Tax Act to reduce deduction under section 80HHC for the assessment year 2001-02. The tribunal held that the Assessing Officer's decision to recalibrate the deduction amount was beyond the scope of section 154, as the interpretation of what constitutes excludable interest was not a clear mistake apparent from the record. The tribunal emphasized that a mistake apparent from the record should be unmistakable, leading to the decision to set aside the Assessing Officer's action and allow the appeal of the assessee. en-us Fri, 09 Dec 2016 00:00:00 +0530 Mon, 19 Dec 2016 13:30:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336304 The ITAT Mumbai ruled in favor of the assessee in an appeal against invoking section 154 of the Income Tax Act to reduce deduction under section 80HHC for the assessment year 2001-02. The tribunal held that the Assessing Officer's decision to recalibrate the deduction amount was beyond the scope of section 154, as the interpretation of what constitutes excludable interest was not a clear mistake apparent from the record. The tribunal emphasized that a mistake apparent from the record should be unmistakable, leading to the decision to set aside the Assessing Officer's action and allow the appeal of the assessee. Case-Laws Income Tax Fri, 09 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336304