https://www.taxtmi.com/caselaws?id=289358 The Tribunal directed the ITO to allow excise liability deductions for all years due to an oversight in not claiming excise duty as a deduction, despite rejection by the ITO and AAC. The Tribunal also instructed the ITO to consider the assessability of amounts recorded in accounts via tax credit certificates while allowing excise liability deductions. The High Court ruled in favor of the Revenue, emphasizing the importance of proper documentation and clear justifications in seeking rectifications under s. 154 of the IT Act, 1961, distinguishing between mistakes apparent from records and errors arising from the assessee's oversight. en-us Wed, 16 May 1990 00:00:00 +0530 Mon, 27 Jul 2020 17:11:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289358 The Tribunal directed the ITO to allow excise liability deductions for all years due to an oversight in not claiming excise duty as a deduction, despite rejection by the ITO and AAC. The Tribunal also instructed the ITO to consider the assessability of amounts recorded in accounts via tax credit certificates while allowing excise liability deductions. The High Court ruled in favor of the Revenue, emphasizing the importance of proper documentation and clear justifications in seeking rectifications under s. 154 of the IT Act, 1961, distinguishing between mistakes apparent from records and errors arising from the assessee's oversight. Case-Laws Income Tax Wed, 16 May 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289358