https://www.taxtmi.com/caselaws?id=16630 The High Court held that the Income-tax Officer did not have jurisdiction to rectify the assessments under section 154 of the Income Tax Act. The Court ruled in favor of the assessee, stating that the interest income, though assessed under "Income from other sources," was closely connected to the business activities, making it part of the business income. Since the nature of interest income was debatable with the possibility of two views, the rectification was deemed unjustified. en-us Fri, 24 Jul 1998 00:00:00 +0530 Wed, 09 Sep 2009 11:13:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16630 The High Court held that the Income-tax Officer did not have jurisdiction to rectify the assessments under section 154 of the Income Tax Act. The Court ruled in favor of the assessee, stating that the interest income, though assessed under "Income from other sources," was closely connected to the business activities, making it part of the business income. Since the nature of interest income was debatable with the possibility of two views, the rectification was deemed unjustified. Case-Laws Income Tax Fri, 24 Jul 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16630