https://www.taxtmi.com/caselaws?id=25931 The court held that the rectification by the Appellate Assistant Commissioner (AAC) under section 154 of the Income-tax Act was valid as the mistake in determining tax on capital gains for a registered partnership firm was apparent from the record. The court emphasized that the taxability of capital gains for such firms was clarified by binding judicial decisions, making it non-debatable. Both the Income-tax Officer (ITO) and the AAC were deemed to have acted within their powers in rectifying the orders. The court answered the referred question affirmatively, with no order as to costs. en-us Tue, 18 Mar 1986 00:00:00 +0530 Mon, 01 Feb 2010 17:21:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25931 The court held that the rectification by the Appellate Assistant Commissioner (AAC) under section 154 of the Income-tax Act was valid as the mistake in determining tax on capital gains for a registered partnership firm was apparent from the record. The court emphasized that the taxability of capital gains for such firms was clarified by binding judicial decisions, making it non-debatable. Both the Income-tax Officer (ITO) and the AAC were deemed to have acted within their powers in rectifying the orders. The court answered the referred question affirmatively, with no order as to costs. Case-Laws Income Tax Tue, 18 Mar 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25931