https://www.taxtmi.com/caselaws?id=402618 The ITAT allowed the rectification petition to correct an error in the order regarding the ratio of CLC to TLC for computing taxable income from airline activities. The ITAT acknowledged the mistake in mentioning a 7.5% ratio instead of the correct 4% ratio prescribed under the MAP resolution. The matter was recalled for reevaluation based on the accurate ratio, ensuring fair treatment for the taxpayer and upholding principles of tax treaties. The decision emphasized the importance of precise computation of taxable income in line with established procedures and agreements. en-us Wed, 06 Jan 2021 00:00:00 +0530 Thu, 07 Jan 2021 17:10:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402618 The ITAT allowed the rectification petition to correct an error in the order regarding the ratio of CLC to TLC for computing taxable income from airline activities. The ITAT acknowledged the mistake in mentioning a 7.5% ratio instead of the correct 4% ratio prescribed under the MAP resolution. The matter was recalled for reevaluation based on the accurate ratio, ensuring fair treatment for the taxpayer and upholding principles of tax treaties. The decision emphasized the importance of precise computation of taxable income in line with established procedures and agreements. Case-Laws Income Tax Wed, 06 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402618