https://www.taxtmi.com/caselaws?id=13502 The High Court of Madras dismissed the Revenue's appeal challenging a Tribunal's order on rectification to restrict unabsorbed business loss. The court held that rectification under section 154 of the Income-tax Act is only applicable for correcting obvious errors, not debatable legal points. Due to conflicting views and the timing of the relief claim, the court found no justification to accept the Revenue's plea and dismissed the appeal without costs. en-us Wed, 31 Jan 2007 00:00:00 +0530 Fri, 29 May 2009 12:21:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13502 The High Court of Madras dismissed the Revenue's appeal challenging a Tribunal's order on rectification to restrict unabsorbed business loss. The court held that rectification under section 154 of the Income-tax Act is only applicable for correcting obvious errors, not debatable legal points. Due to conflicting views and the timing of the relief claim, the court found no justification to accept the Revenue's plea and dismissed the appeal without costs. Case-Laws Income Tax Wed, 31 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13502