https://www.taxtmi.com/caselaws?id=421786 The Tribunal held that the Assessing Officer's order under section 154 of the Income-tax Act disallowing interest paid to partners was based on a debatable issue and did not qualify as a mistake apparent on the face of the record. Relying on precedent, the Tribunal concluded that the AO lacked the authority to rectify such debatable issues under section 154. Consequently, the Tribunal quashed the AO's order and allowed the Assessee's appeal, setting aside the disallowance of interest payment to partners for the assessment year 2013-14. en-us Fri, 29 Apr 2022 00:00:00 +0530 Mon, 02 May 2022 08:43:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421786 The Tribunal held that the Assessing Officer's order under section 154 of the Income-tax Act disallowing interest paid to partners was based on a debatable issue and did not qualify as a mistake apparent on the face of the record. Relying on precedent, the Tribunal concluded that the AO lacked the authority to rectify such debatable issues under section 154. Consequently, the Tribunal quashed the AO's order and allowed the Assessee's appeal, setting aside the disallowance of interest payment to partners for the assessment year 2013-14. Case-Laws Income Tax Fri, 29 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421786