https://www.taxtmi.com/caselaws?id=23528 Rectification under the Companies (Profits) Surtax Act cannot be used where the treatment of share capital issued for goodwill-related business advantages is debatable and does not involve an obvious mistake; on that reasoning, exclusion of the amount from capital was not sustainable. The article also notes that, for relief under section 80E(1) of the Income-tax Act, rule 4 of the Second Schedule could not be applied by way of rectification to proportionately reduce capital where the underlying computation issue was reasonably capable of more than one view. The overall principle stated is that an apparent-error remedy is unavailable for contested questions of surtax capital computation and income-tax relief adjustments. en-us Tue, 07 Mar 1989 00:00:00 +0530 Mon, 21 Dec 2009 15:40:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23528 Rectification under the Companies (Profits) Surtax Act cannot be used where the treatment of share capital issued for goodwill-related business advantages is debatable and does not involve an obvious mistake; on that reasoning, exclusion of the amount from capital was not sustainable. The article also notes that, for relief under section 80E(1) of the Income-tax Act, rule 4 of the Second Schedule could not be applied by way of rectification to proportionately reduce capital where the underlying computation issue was reasonably capable of more than one view. The overall principle stated is that an apparent-error remedy is unavailable for contested questions of surtax capital computation and income-tax relief adjustments. Case-Laws Income Tax Tue, 07 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23528