https://www.taxtmi.com/caselaws?id=436498 A subsequent authoritative Supreme Court declaration that interest on land acquisition compensation is not separately taxable, but forms part of compensation, could be applied in rectification proceedings as a mistake apparent from the record. The Assessing Officer's section 154 rectification granting relief on that basis was therefore valid. Once the rectification correctly reflected the settled legal position, it could not be treated as prejudicial to the Revenue, and revision under section 263 was not sustainable. The CBDT circular relied upon was consistent with that approach, and the Commissioner's objection that the Assessing Officer had acted beyond jurisdiction was rejected. en-us Thu, 23 Mar 2023 00:00:00 +0530 Thu, 13 Apr 2023 17:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436498 A subsequent authoritative Supreme Court declaration that interest on land acquisition compensation is not separately taxable, but forms part of compensation, could be applied in rectification proceedings as a mistake apparent from the record. The Assessing Officer's section 154 rectification granting relief on that basis was therefore valid. Once the rectification correctly reflected the settled legal position, it could not be treated as prejudicial to the Revenue, and revision under section 263 was not sustainable. The CBDT circular relied upon was consistent with that approach, and the Commissioner's objection that the Assessing Officer had acted beyond jurisdiction was rejected. Case-Laws Income Tax Thu, 23 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436498