https://www.taxtmi.com/caselaws?id=16149 The High Court of Madras upheld the Income-tax Appellate Tribunal's decision to reject a rectification application by the assessee. The case involved a deduction disallowed for foreign exchange entitlement certificate charges. The Tribunal, citing prior Supreme Court decisions, rejected the rectification request based on a subsequent Supreme Court ruling. The Court emphasized the importance of considering evolving legal interpretations but ultimately sided with the Tribunal, stating rectification would lead to tax evasion and go against statutory provisions. The judgment highlights the need for rectification decisions to align with legal principles and avoid unjust outcomes. en-us Tue, 24 Feb 1998 00:00:00 +0530 Tue, 01 Sep 2009 13:46:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16149 The High Court of Madras upheld the Income-tax Appellate Tribunal's decision to reject a rectification application by the assessee. The case involved a deduction disallowed for foreign exchange entitlement certificate charges. The Tribunal, citing prior Supreme Court decisions, rejected the rectification request based on a subsequent Supreme Court ruling. The Court emphasized the importance of considering evolving legal interpretations but ultimately sided with the Tribunal, stating rectification would lead to tax evasion and go against statutory provisions. The judgment highlights the need for rectification decisions to align with legal principles and avoid unjust outcomes. Case-Laws Income Tax Tue, 24 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16149