https://www.taxtmi.com/caselaws?id=12348 The High Court of Madras upheld the rectification of the assessment under section 80-O for the year 1977-78 in favor of the Revenue. The court found that the rectification made in 1985 was not barred by limitation under section 154 of the Income-tax Act as it was within the prescribed period. Additionally, the rectification based on a change in law following a Supreme Court decision was deemed valid, aligning the assessment with the new legal interpretation. Consequently, the court ruled against the assessee, holding them liable to pay tax as per the revised assessment. en-us Mon, 12 Aug 2002 00:00:00 +0530 Tue, 14 Mar 2017 15:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12348 The High Court of Madras upheld the rectification of the assessment under section 80-O for the year 1977-78 in favor of the Revenue. The court found that the rectification made in 1985 was not barred by limitation under section 154 of the Income-tax Act as it was within the prescribed period. Additionally, the rectification based on a change in law following a Supreme Court decision was deemed valid, aligning the assessment with the new legal interpretation. Consequently, the court ruled against the assessee, holding them liable to pay tax as per the revised assessment. Case-Laws Income Tax Mon, 12 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12348