https://www.taxtmi.com/caselaws?id=286740 The ITAT Chennai dismissed the assessee's appeals regarding the rejection of the claim for allowing outstanding interest paid to IDBI on loans under Sec.43B of the Income Tax Act, 1961 as a rectifiable issue under Sec.154. The ITAT held that since no disallowance was made by the Assessing Officer and the assessments were completed based on filed returns without any apparent mistake for rectification, the detailed analysis required for the one-time settlement with IDBI was beyond the scope of rectification under Sec.154. Therefore, the appeals were dismissed. en-us Thu, 11 Oct 2012 00:00:00 +0530 Fri, 13 Mar 2020 11:53:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286740 The ITAT Chennai dismissed the assessee's appeals regarding the rejection of the claim for allowing outstanding interest paid to IDBI on loans under Sec.43B of the Income Tax Act, 1961 as a rectifiable issue under Sec.154. The ITAT held that since no disallowance was made by the Assessing Officer and the assessments were completed based on filed returns without any apparent mistake for rectification, the detailed analysis required for the one-time settlement with IDBI was beyond the scope of rectification under Sec.154. Therefore, the appeals were dismissed. Case-Laws Income Tax Thu, 11 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286740