https://www.taxtmi.com/caselaws?id=443265 The Tribunal upheld the Ld. CIT(A)'s decision that expenses wrongly treated as income were actually allowable expenses of the assessee, not undeclared income. The rectificatory order under section 154 was deemed invalid due to procedural irregularities, including lack of opportunity for the assessee to be heard. The judgment emphasizes the correct classification of expenses and income, stressing procedural fairness and the right of the assessee to present their case effectively. en-us Mon, 18 Sep 2023 00:00:00 +0530 Wed, 20 Sep 2023 08:40:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443265 The Tribunal upheld the Ld. CIT(A)'s decision that expenses wrongly treated as income were actually allowable expenses of the assessee, not undeclared income. The rectificatory order under section 154 was deemed invalid due to procedural irregularities, including lack of opportunity for the assessee to be heard. The judgment emphasizes the correct classification of expenses and income, stressing procedural fairness and the right of the assessee to present their case effectively. Case-Laws Income Tax Mon, 18 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443265