https://www.taxtmi.com/caselaws?id=32652 Rectification under section 154 is confined to mistakes apparent from the record and cannot be used where the alleged error requires argument, elucidation or competing views. In computing capital employed under rule 3, the distinction between debts owed and debts due was material, and balance-sheet figures were not automatically conclusive on deductible liabilities. The Income-tax Officer's addition of further liabilities required a debatable examination of whether those amounts had actually become due, so the adjustment was outside rectification jurisdiction and invalid. en-us Thu, 05 Mar 2009 00:00:00 +0530 Wed, 14 Oct 2009 15:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32652 Rectification under section 154 is confined to mistakes apparent from the record and cannot be used where the alleged error requires argument, elucidation or competing views. In computing capital employed under rule 3, the distinction between debts owed and debts due was material, and balance-sheet figures were not automatically conclusive on deductible liabilities. The Income-tax Officer's addition of further liabilities required a debatable examination of whether those amounts had actually become due, so the adjustment was outside rectification jurisdiction and invalid. Case-Laws Income Tax Thu, 05 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32652