https://www.taxtmi.com/caselaws?id=399585 The tribunal held that the AO's application of Section 115BBE to tax surrendered income at a higher rate was incorrect as the specific income categories under the section were not met. The tribunal also found the use of Section 154 for rectification improper, stating it was not for correcting factual errors. Additionally, the retrospective application of amended Section 115BBE was rejected, confirming the original tax assessment. The appeal was allowed, and the AO's order was set aside, with the surrendered income to be taxed at normal rates. en-us Fri, 09 Oct 2020 00:00:00 +0530 Wed, 14 Oct 2020 12:55:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399585 The tribunal held that the AO's application of Section 115BBE to tax surrendered income at a higher rate was incorrect as the specific income categories under the section were not met. The tribunal also found the use of Section 154 for rectification improper, stating it was not for correcting factual errors. Additionally, the retrospective application of amended Section 115BBE was rejected, confirming the original tax assessment. The appeal was allowed, and the AO's order was set aside, with the surrendered income to be taxed at normal rates. Case-Laws Income Tax Fri, 09 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399585