https://www.taxtmi.com/caselaws?id=37167 The High Court upheld the validity of gifts made by an assessee-firm to family members, emphasizing that lack of cash balance alone was insufficient to invalidate the gifts. The court directed rectification of orders for assessment years 1962-63 and 1967-68, allowing deduction of interest based on a subsequent High Court judgment regarding the gifts. The court held that errors in assessment orders discovered post-judgment constitute mistakes apparent from the record, contrary to the Tribunal's view, and warranted rectification under section 154 of the Income Tax Act. en-us Wed, 30 Aug 1978 00:00:00 +0530 Sat, 27 Mar 2010 10:57:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37167 The High Court upheld the validity of gifts made by an assessee-firm to family members, emphasizing that lack of cash balance alone was insufficient to invalidate the gifts. The court directed rectification of orders for assessment years 1962-63 and 1967-68, allowing deduction of interest based on a subsequent High Court judgment regarding the gifts. The court held that errors in assessment orders discovered post-judgment constitute mistakes apparent from the record, contrary to the Tribunal's view, and warranted rectification under section 154 of the Income Tax Act. Case-Laws Income Tax Wed, 30 Aug 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37167