https://www.taxtmi.com/caselaws?id=25932 The High Court ruled in favor of the assessee, dismissing the liability of the respondent to pay tax on capital gains. The Court held that rectification proceedings under section 154 cannot be used to reinterpret provisions of the Income-tax Act. As the Income-tax Officer's rectification order was based on a different interpretation, it was deemed invalid. Consequently, the Court found in favor of the assessee on both issues, directing the Commissioner to bear the costs of the reference. en-us Tue, 25 Sep 1973 00:00:00 +0530 Tue, 25 Jul 2017 18:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25932 The High Court ruled in favor of the assessee, dismissing the liability of the respondent to pay tax on capital gains. The Court held that rectification proceedings under section 154 cannot be used to reinterpret provisions of the Income-tax Act. As the Income-tax Officer's rectification order was based on a different interpretation, it was deemed invalid. Consequently, the Court found in favor of the assessee on both issues, directing the Commissioner to bear the costs of the reference. Case-Laws Income Tax Tue, 25 Sep 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25932