Court Rules Tribunal Erred in Allowing Rectification Petition for Penalty Imposed Under Incorrect Section of Income Tax Act.

Court Rules Tribunal Erred in Allowing Rectification Petition for Penalty Imposed Under Incorrect Section of Income Tax Act. https://www.taxtmi.com/highlights?id=57129 Rectification of mistake u/s 254 - Penalty is levied in the instant case under Section 271(1)(i)(a) of the Act (as it then stood), while the explanation applies to the cases covered by Section 271(1)(i)(b) of the Act (as it then stood). Viewed in the above light also, we are of the view that the rectification petition could not have been allowed by the Tribunal. - HC en-us Thu, 11 Mar 2021 12:53:43 +0530 Thu, 11 Mar 2021 12:53:43 +0530 TaxTMI RSS Generator Court Rules Tribunal Erred in Allowing Rectification Petition for Penalty Imposed Under Incorrect Section of Income Tax Act. https://www.taxtmi.com/highlights?id=57129 Rectification of mistake u/s 254 - Penalty is levied in the instant case under Section 271(1)(i)(a) of the Act (as it then stood), while the explanation applies to the cases covered by Section 271(1)(i)(b) of the Act (as it then stood). Viewed in the above light also, we are of the view that the rectification petition could not have been allowed by the Tribunal. - HC Highlights Income Tax Thu, 11 Mar 2021 12:53:43 +0530 https://www.taxtmi.com/highlights?id=57129