https://www.taxtmi.com/caselaws?id=35668 The court ruled in favor of the assessee, affirming the correctness of the relief granted under section 80-O of the Income-tax Act. It held that the approval requirement for the relevant assessment year was fulfilled by the agreement's prior approval by the Central Government, rejecting the need for annual renewals. The court emphasized that the Income Tax Officer's attempt to rectify the assessment based on differing interpretations was unjustified, stating that section 154 cannot be used for revisions in such cases. The court awarded costs to the assessee and set aside the order of rectification. en-us Thu, 10 Sep 1981 00:00:00 +0530 Tue, 16 Mar 2010 10:10:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35668 The court ruled in favor of the assessee, affirming the correctness of the relief granted under section 80-O of the Income-tax Act. It held that the approval requirement for the relevant assessment year was fulfilled by the agreement's prior approval by the Central Government, rejecting the need for annual renewals. The court emphasized that the Income Tax Officer's attempt to rectify the assessment based on differing interpretations was unjustified, stating that section 154 cannot be used for revisions in such cases. The court awarded costs to the assessee and set aside the order of rectification. Case-Laws Income Tax Thu, 10 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35668