https://www.taxtmi.com/caselaws?id=284805 The Tribunal dismissed the revenue's Miscellaneous Application, finding no apparent mistake in its original order. It clarified that rectification under Section 254(2) of the Income Tax Act is limited to obvious errors and does not allow for revision or review. The Tribunal upheld the deletion of the addition under Section 40A(3) due to lack of evidence of cash payments. It affirmed the assessment of transactions as business transactions and rejected the argument regarding a pending review petition in the High Court. The decision was based on existing legal precedent and the facts of the case. en-us Thu, 23 Nov 2017 00:00:00 +0530 Thu, 12 Dec 2019 11:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284805 The Tribunal dismissed the revenue's Miscellaneous Application, finding no apparent mistake in its original order. It clarified that rectification under Section 254(2) of the Income Tax Act is limited to obvious errors and does not allow for revision or review. The Tribunal upheld the deletion of the addition under Section 40A(3) due to lack of evidence of cash payments. It affirmed the assessment of transactions as business transactions and rejected the argument regarding a pending review petition in the High Court. The decision was based on existing legal precedent and the facts of the case. Case-Laws Income Tax Thu, 23 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284805