https://www.taxtmi.com/caselaws?id=415743 The Tribunal allowed the appellant's appeal, directing the AO to permit the claim for deduction under section 57(iv) of the Income Tax Act for interest income received on compensation for land acquisition. The Tribunal held that the failure to claim the deduction was a clear mistake rectifiable under section 154, emphasizing the entitlement to the deduction based on disclosed income. The decision underscored the AO's obligation to determine the assessee's true income and rejected the CIT(A)'s stance, affirming the rectifiability of the mistake through the specified provision. en-us Fri, 10 Dec 2021 00:00:00 +0530 Mon, 13 Dec 2021 08:36:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415743 The Tribunal allowed the appellant's appeal, directing the AO to permit the claim for deduction under section 57(iv) of the Income Tax Act for interest income received on compensation for land acquisition. The Tribunal held that the failure to claim the deduction was a clear mistake rectifiable under section 154, emphasizing the entitlement to the deduction based on disclosed income. The decision underscored the AO's obligation to determine the assessee's true income and rejected the CIT(A)'s stance, affirming the rectifiability of the mistake through the specified provision. Case-Laws Income Tax Fri, 10 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415743