https://www.taxtmi.com/caselaws?id=26200 Preference shares, for rebate purposes under the Finance Acts, 1964 and 1965, were construed in their company-law sense because no special definition was provided. On that test, preference share capital requires preferential rights as to both dividend and capital; the assessee's shares lacked such priority and were therefore not preference shares, so the rebate issue was decided against the assessee. Rectification under section 154 of the Income-tax Act, 1961 was unavailable because a mistake apparent from the record must be obvious and patent, whereas the character of the shares depended on a debatable legal interpretation of the Financial Corporations Act and the Companies Act. The non-reduction of rebate was therefore not rectifiable. en-us Tue, 15 May 1984 00:00:00 +0530 Wed, 03 Feb 2010 13:47:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26200 Preference shares, for rebate purposes under the Finance Acts, 1964 and 1965, were construed in their company-law sense because no special definition was provided. On that test, preference share capital requires preferential rights as to both dividend and capital; the assessee's shares lacked such priority and were therefore not preference shares, so the rebate issue was decided against the assessee. Rectification under section 154 of the Income-tax Act, 1961 was unavailable because a mistake apparent from the record must be obvious and patent, whereas the character of the shares depended on a debatable legal interpretation of the Financial Corporations Act and the Companies Act. The non-reduction of rebate was therefore not rectifiable. Case-Laws Income Tax Tue, 15 May 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26200