https://www.taxtmi.com/caselaws?id=446657 The dominant issue was whether s.115BBDA could be applied, via rectification under s.154, to dividend income received from mutual funds. The ITAT held that s.115BBDA imposes a special tax rate only on dividend from domestic companies exceeding the statutory threshold, with exemption linked to s.10(34), whereas mutual fund dividend falls under s.10(35); documentary evidence substantiated the nature of the receipts. Accordingly, treating mutual fund dividend as taxable under s.115BBDA was a patent mistake apparent from the record, and the refusal to rectify (without addressing the taxpayer's contention) was unsustainable; the adjustment taxing such income at 10% was directed to be deleted and the appeal was allowed. en-us Wed, 06 Dec 2023 00:00:00 +0530 Fri, 02 Jan 2026 10:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446657 The dominant issue was whether s.115BBDA could be applied, via rectification under s.154, to dividend income received from mutual funds. The ITAT held that s.115BBDA imposes a special tax rate only on dividend from domestic companies exceeding the statutory threshold, with exemption linked to s.10(34), whereas mutual fund dividend falls under s.10(35); documentary evidence substantiated the nature of the receipts. Accordingly, treating mutual fund dividend as taxable under s.115BBDA was a patent mistake apparent from the record, and the refusal to rectify (without addressing the taxpayer's contention) was unsustainable; the adjustment taxing such income at 10% was directed to be deleted and the appeal was allowed. Case-Laws Income Tax Wed, 06 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446657