https://www.taxtmi.com/caselaws?id=396545 The Tribunal set aside the Assessing Officer's rectification order withdrawing the deduction under Section 54B of the Income Tax Act, 1961 claimed by the assessee, based on the eligibility of 'HUF' for the deduction. The Tribunal ruled that the rectification order was not justified as the eligibility criteria were subject to interpretation and not a clear mistake. Emphasizing that rectification powers under section 154 are limited to clear errors, the Tribunal reinstated the original order allowing the deduction, highlighting that such powers cannot be used for debatable issues. en-us Mon, 06 Jul 2020 00:00:00 +0530 Mon, 30 Nov 2020 16:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396545 The Tribunal set aside the Assessing Officer's rectification order withdrawing the deduction under Section 54B of the Income Tax Act, 1961 claimed by the assessee, based on the eligibility of 'HUF' for the deduction. The Tribunal ruled that the rectification order was not justified as the eligibility criteria were subject to interpretation and not a clear mistake. Emphasizing that rectification powers under section 154 are limited to clear errors, the Tribunal reinstated the original order allowing the deduction, highlighting that such powers cannot be used for debatable issues. Case-Laws Income Tax Mon, 06 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396545