https://www.taxtmi.com/caselaws?id=28692 The High Court ruled in favor of the assessee, allowing rectification of the tax assessment under section 154 of the Income Tax Act. The Court determined that income derived from the sale of import licenses was attributable to the manufacturing activity, making the assessee eligible for a lower tax rate of 55% instead of 65%. The judgment emphasized the importance of accurately attributing income to specific business activities for tax assessment, highlighting the broader interpretation of what constitutes income attributable to manufacturing activities for industrial companies. en-us Tue, 28 Sep 1982 00:00:00 +0530 Wed, 24 Feb 2010 18:37:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28692 The High Court ruled in favor of the assessee, allowing rectification of the tax assessment under section 154 of the Income Tax Act. The Court determined that income derived from the sale of import licenses was attributable to the manufacturing activity, making the assessee eligible for a lower tax rate of 55% instead of 65%. The judgment emphasized the importance of accurately attributing income to specific business activities for tax assessment, highlighting the broader interpretation of what constitutes income attributable to manufacturing activities for industrial companies. Case-Laws Income Tax Tue, 28 Sep 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28692