https://www.taxtmi.com/caselaws?id=354190 The Tribunal held that the Assessing Officer exceeded his authority under section 154 of the Income Tax Act by attempting to rectify the assessment order based on a change of opinion rather than a clear mistake apparent from the record. As the issue was debatable and not a clear error, the Tribunal dismissed the Revenue's appeal, maintaining that section 154 cannot be used to alter the nature of expenditure. The Tribunal did not address whether the compensation for termination of agreements should be treated as capital or revenue expenditure due to upholding the jurisdictional issue. en-us Wed, 10 Jan 2018 00:00:00 +0530 Sat, 20 Jan 2018 08:09:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354190 The Tribunal held that the Assessing Officer exceeded his authority under section 154 of the Income Tax Act by attempting to rectify the assessment order based on a change of opinion rather than a clear mistake apparent from the record. As the issue was debatable and not a clear error, the Tribunal dismissed the Revenue's appeal, maintaining that section 154 cannot be used to alter the nature of expenditure. The Tribunal did not address whether the compensation for termination of agreements should be treated as capital or revenue expenditure due to upholding the jurisdictional issue. Case-Laws Income Tax Wed, 10 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354190