https://www.taxtmi.com/caselaws?id=434284 The Tribunal allowed the appeal, directing the deletion of the adjustment made by CPC under Section 143(1) of the Income Tax Act. It held that the adjustment was erroneous as the sale consideration was appropriately reduced from business income and offered under capital gains. The Tribunal also emphasized the applicability of rectification under Section 154 for correcting mistakes in income tax proceedings, overturning the rejection of the rectification application and ruling in favor of the appellant. en-us Thu, 16 Feb 2023 00:00:00 +0530 Tue, 21 Feb 2023 08:38:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434284 The Tribunal allowed the appeal, directing the deletion of the adjustment made by CPC under Section 143(1) of the Income Tax Act. It held that the adjustment was erroneous as the sale consideration was appropriately reduced from business income and offered under capital gains. The Tribunal also emphasized the applicability of rectification under Section 154 for correcting mistakes in income tax proceedings, overturning the rejection of the rectification application and ruling in favor of the appellant. Case-Laws Income Tax Thu, 16 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434284