https://www.taxtmi.com/caselaws?id=28003 The High Court upheld the rectification proceedings initiated by the Income Tax Officer (ITO) under section 154, finding a mistake apparent from the record regarding the ownership of securities and income assessment. The court denied the assessee, a public limited banking company, credit for tax deducted at source on interest from securities held for constituents, ruling that the assessee was not the true owner of the securities and did not include the income in its assessment. Consequently, the assessee was not entitled to the tax credit, and costs were awarded to the Revenue. en-us Wed, 20 Jul 1983 00:00:00 +0530 Wed, 17 Feb 2010 13:12:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28003 The High Court upheld the rectification proceedings initiated by the Income Tax Officer (ITO) under section 154, finding a mistake apparent from the record regarding the ownership of securities and income assessment. The court denied the assessee, a public limited banking company, credit for tax deducted at source on interest from securities held for constituents, ruling that the assessee was not the true owner of the securities and did not include the income in its assessment. Consequently, the assessee was not entitled to the tax credit, and costs were awarded to the Revenue. Case-Laws Income Tax Wed, 20 Jul 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28003